IPE Quest

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					IPE International Publishers Limited
                  IPE Products Overview
IPE - Investment & Pensions Europe magazine
     10,724 circulation: Europe ex-UK 77%, UK 18%, ROW 5%
IPE.com - web-based news and content
     13,000+ registered users generating 3 million page impressions monthly
IPE-symposium.com - web-based conferences
     600+ “attendees” average for first three events
IPE-Awards - annual awards event for Europe’s Pension Funds
     312 senior pension fund executives representing funds worth €1+ trillion attended
     in November 2006 - next event will be held in Vienna
IPE Real Estate - bi-monthly publication
     10,835 circulation: UK 24%, ROW 76%
IPE 360° - exclusive pensions club
     40+ high level pension fund executives meet three times annually to discuss best
     practice in pension fund management
IPFA - International Pension Funds and their Advisers directory
     Listings for 3,500+ pension funds and 3,000 advisors globally
IPE-Quest - web-based manager search service
               Introduction to IPE-Quest

•   Designed to bring together Institutional Investors and Asset Managers.

•   Provides Institutional Investors with easy-to-use web-based technology that
    delivers a manager long-list pre-RFP (Request for Proposal).

•   Enables Asset Managers to place their capabilities in any given asset class in
    front of potential clients.

•   Since launch in July 1999, IPE-Quest has carried 541 searches worth $60+ bn.

•   Additionally, IPE-Quest.com has assisted the National Treasury Management
    Agency (Ireland) and Norges Bank Investment Management (Norway) with 24
    searches worth a further $20 bn.

                  The Basics: investors

1.   Investors can register for a User ID and Password via Investor Access.
2.   There are no fees at any stage for investors.
3.   Investors can use their User ID and Password to place manager searches
     directly onto the site via the Investor Access pages where they will find a
     step by step guide to creating searches.
4.   Investors remain anonymous - their names are not published on the site.
5.   On a set date, IPE-Quest forwards all of the replies from the asset managers
     to the investor in XLS format.
6.   The investor can then review the information and contact any manager(s)
     whose response is of interest.
7.   The only commitment by the investor is to inform IPE-Quest
     (confidentially) which managers are contacted and which are not.
8.   A full explanation is available at Using IPE-Quest.

          The Basics: asset managers

1.   Asset managers register for a User ID and Password via Manager Access.
2.   Asset managers can use their User ID and Password to review all searches
     and application forms via the Search Quests pages.
3.   Registration and reviewing the searches and application forms is free of
     charge - asset managers only pay a fee when replying to searches.
4.   Replies are made via the online application form attached to each search
     listed on the Search Quests pages.
5.   Asset managers must purchase a minimum of 5 replies in advance - we call
     these “credits” - at a cost of £400 (£80 each). One “credit” enables an asset
     manager to reply to one search.
6.   A full explanation is available at Using IPE-Quest.

            The Basics: mandate profile
All investors are requested to provide a profile of their mandate; some provide
more information than others. Here is one example:

Quest Number:     562
Closing Date:     20 January 2006
Asset Class:      Pan-European Small Cap Core Equity
Mandate Size:     $100m +
Performance:      Requested to end December 2005
Profile:          This search is being conducted by a pension fund in Switzerland.
                  The benchmark is expected to be the HSBC Small Europe TR.
Criteria:         - Solid track-record over a minimum of 4 years
                  - Minimum AUM in strategy USD 300 million
                  - Stable portfolio management team
                  - Universe: all Europe
                  - TE: minimum 4%
          The Basics: application forms
Application forms vary. It is possible for investors to select a standard
application form when setting up a search (via Investor Access) or to create their
own application form. Here is our standard application form:
1         Date to which performance data is stated
2-4       Institutional and total AUM worldwide and within the class of mandate
5         Number of institutional clients for the class of mandate
6-9       Number and value of mandate wins and losses in the asset class over 3 years
10-13     Product name, type, inception date, benchmark plus philosophy & process
14-18     Annualised performance record for 1/2/3/4/5 years
19-23     Annualised benchmark performance for 1/2/3/4/5 years
24-27     Ex-post tracking error for 2/3/4/5 years
28-31     Information ratio for 2/3/4/5 years
32        The base currency used to calculate these performance records
33        Note on performance attribution
34-35     Note on investment performance / reporting standards (compliance)
36        Do you provide management through segregated and/or pooled account/s?
37-38     Additional information and legal disclaimer
-         Name of firm, contact person, telephone, email and postal address

           Investors: placing searches

Searches placed by institutional investors since launch in July 1999:
   83   Pension Funds have placed                      246        searches
   27   Consultants have placed                        138        searches
   17   Banks & Asset Managers have placed              78        searches
   15   Insurance Companies have placed                 42        searches
    7   Foundations have placed                         30        searches
    2   Family Offices have placed                       7        searches

  151   Institutional Investors have placed            541        searches

            14 of these investors were new to IPE-Quest in 2006

                   Investors: location

Source of searches by location since launch in July 1999:
  • Switzerland                                              115
  • Denmark (91) / Finland (20) / Sweden (11) / Norway (5)   127
  • Netherlands (97) / Belgium (16) / Luxembourg (7)         120
  • UK                                                        51
  • Germany                                                   42
  • Middle East                                               33
  • Canada (21) / USA (6)                                     27
  • Others                                                    26
  TOTAL                                                      541

   Investors and consultants using the site
 Most investors request anonymity when they use the site for their searches
but a growing number are prepared to state that they have used IPE-Quest:

3D Global Financial Services – Cyprus
alpha portfolio advisors – Germany          DIP – Denmark
ABP Investments- The Netherlands            Doctors Pension Fund Services - The Netherlands
AHV Ausgleichsfonds - Switzerland           EDS – Belgium
Amonis - Belgium                            FSE Construction- Belgium
APK – Austria                               Fund Consulting - UK
BAE Systems - UK                            Goris Advies - The Netherlands
Bank Leu – Switzerland                      Industriens Pension - Denmark
Cordares Vermogensbeheer- The Netherlands   Investment Solutions - UK
Complementa Consulting - Switzerland        JOEP – Denmark

Investors and consultants using the site

Kieger Institutional Investment              PensPlan - Italy
           Consulting- Switzerland           PKA - Denmark
Kirstein Finans - Denmark                    Procordias - Sweden
Kottmann Advisory - Switzerland              PUBLICA - Switzerland
Kempen Capital Management- The Netherlands   Robert Bosch- Germany
Lærernes Pension - Denmark                   Sampension - Denmark
MBS Capital Advice – Switzerland             Spaengler KAG - Austria
Nomura Asset Management - UK                 TKP Investments - The Netherlands
Parex Asset Management - Latvia              TRW (Lucas Verity) - UK
Pen-Sam – Denmark                            VKG - Belgium
Pensioenfonds Metaal - Belgium               West Of England – Luxembourg
Pensionskasse Manor - Switzerland

                               102 searches in 2006
                                                                                           Debt - 24
              Equity - 56                                  6


                                                                                                                                       E Markets

                   0   1   2   3   4   5   6               3                                                                           High Yield
                                                                                                                                       Inv. Grade
                                                           2                                                                           Other
  Asia ex-Japan
    Asia Pacific                                           1
 Eastern Europe                                            0
Emerging EMEA                                                  Europe   Eurozone       Global       GDM           USA   Open
Emerging Europe                                All Cap
                                               Large Cap
                                               M/L Cap
                                               Mid Cap                                     Others - 22
          Japan                                S/M Cap
         MENA                                  Small Cap
  North America                                                                        1        2
         Russia                                                                                           3             Balanced
   South Africa
            UK                                                                                                          Currency
                                                                                                              1         Fiduciary Management
                                                                                                                        Hedge + Hedge FoF
                                                                                                                        Real Estate
                                                                        11                                              Commodities

          Managers: submitting data
660 managers submit data to searches placed on IPE-Quest:
Europe 68% - USA 26% - ROW 6%.
Note: Many US and Asian managers respond from their European offices.

   United Kingdom                                            208
   USA                                                       173
   Switzerland                                                58
   Germany                                                    45
   France                                                     35
   Netherlands                                                32
   Belgium                                                    18

   Nordics                                                     28
   Other Europe                                                24
   Rest of the World                                           39

   TOTAL                                                     660
                                     Managers: by AUM
Based on an analysis of the world’s largest institutional asset managers by assets under
management* we can see that significant numbers reply through IPE-Quest:

                 100%             of the largest                       50
                  93%             of the largest                      100
                  83%             of the largest                      200
                  74%             of the largest                      300
                  69%             of the largest                      400

                      Plus another 300+ boutiques and alternative asset managers
                                  who do not appear in the Top 400.

* Source: Top 400 Asset Managers published by IPE magazine, June 2006.
N.B.: This analysis is based on the replies received from managers to 31 December 2005.

            Managers: winning mandates

An analysis of 137 firms                 40
awarded mandates 2002-                   35
2005, shows no size bias                 30
                             Number      25
 amongst investors, with        of
    an even spread of      appointme nts 20
boutique/small, medium,
 large & mega managers                    5
     being appointed.                     0
                                              Boutique   Small   Medium     Large   Mega
                                                           Manager type (by AUM)

                                > $0 bn       > $10 bn    > $25 bn      > $100 bn   > $400 bn


       Works for investors and consultants
    •      Access to wide range of asset managers
    •      Access to ALL asset classes offered by those managers
    •      Data delivered in succinct, uniform format
    •      No fees, anonymous, simple to use

       Works for asset managers
    •      Access to investors via additional business channel
    •      Data requested via short, easy to use online forms
    •      Majority of questions are common across application forms
    •      Low fees, simple to use

                    IPE-Quest: contacts

Ruth Adelino Tel: +44 20 7261 4630 Ruth.Adelino@IPE-Quest.com
Liz Clarke    Tel: +353 435 09 17   Liz.Clarke@IPE-Quest.com
Jayna Vishram Tel: +44 20 7261 4631 Jayna.Vishram@IPE-Quest.com

                     IPE International Publishers Limited
                         320 Great Guildford House
                          30 Great Guildford Street
                              London SE1 0HS

           All information supplied with this presentation is correct as at 31 December 2006.


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