07.30 Registration...Continental Breakfast Courtesy Of:

08.00 CONFERENCE CHAIRMEN’S OPENING REMARKS 
Peter Jeffreys, Managing Director, European Index Services, STANDARD & POOR’S (UK) 
Timothy B. Harbert, President, STATE STREET GLOBAL ADVISORS (US) 
Michael Schanz, Manging Director, STOXX LTD. (Switzerland) 

08.30 OPENING WELCOME AND INTRODUCTION OF KEYNOTE SPEAKER 
José Manuel Basañez, Chairman, MEFF (Spain) 

08.45 STATE OF THE INDUSTRY ADDRESS 
Jean-François Conil-Lacoste, Managing Director - Business Development PARISBOURSE SA 
Chief Executive PARISBOURSE LTD. (France) 

09.00 MAJOR ISSUES IN GLOBAL INDEXING - HOW WILL THE EUROPEAN MARKET BE SEGMENTED? 
This interactive round table includes speakers with divergent opinions on how to best invest in European Capital Markets. Attendees will hear from two well respected consultants, two index providers, a plan sponsor and an industry practitioner. 
Session panelists will not only discuss the use of multinational and global company indexes versus indexes comprised of internationally held companies, but will also compare and contrast: 

• Country indexes versus sector indexes 
• Style investing using growth and value 
• The concept of “Wealth Stock Selection” 

10.15 Refreshments 

10.30  INSTITUTIONAL INVESTOR ROUNDTABLE - EUROPEAN PENSION SCHEMES DISCUSS PASSIVE MANAGEMENT AS AN INVESTMENT STRATEGY 
In this question and answer session the following issues will be addressed by senior officials of pension schemes from six European countries: 

• Legally imposed restrictions and how to manage them 
• The asset allocation decision - the matrix of investment alternatives: equity or fixed income; domestic  or foreign 
• How influential are consultants in the decision to index and on the choice of benchmarks? 
• Evaluating index fund managers 

11.45 EUROPEAN STOCK EXCHANGES’ ROUNDTABLE - CURRENT AND PROSPECTIVE INDEXING PRODUCT DEVELOPMENTS 
Senior officials from European stock exchanges representing developed and developing markets answer questions from the Secretary General of the Federation of European Stock Exchanges.  Questions to be asked pertain to current developments affecting European stock exchanges and capital markets.  Issues to be discussed include: 

• Deciding how to develop index products - internal, external, one index provider or several? 
• European, Euro-Zone, Eastern European and Spanish products 
• European central securities depository - how will it affect trading? 
• How do you define liquidity? 
• Issues of transparency and pricing 
• Promoting specific countries and sectors - Latin America, Technology, Small-Cap 
• How do you define small-cap, mid-cap, different sectors? 

13.00 LUNCHEON FOR SPEAKERS AND DELEGATES KEYNOTE PRESENTATION: “INDEXING: DOES IT WORK IN ALL MARKETS?” 

Burton G. Malkiel, Ph.D., Chemical Bank Chairman’s  Professor of Economics, PRINCETON UNIVERSITY and Author, A Random Walk Down Wall Street

Courtesy Of:

Internationally known for his book A Random Walk Down Wall Street, Professor Malkiel is a prolific writer having authored more than 150 articles and nine books.  His most recent books being, The Index Fund Solution published in 1999 and Global Bargain Hunting: An Investor’s Guide to Profits in Emerging Markets in 1998. 
Professor Malkiel is a member of numerous government and non-government commissions and advisory boards and sits as Director of The Vanguard Group of Investment Companies, Prudential Insurance Company of America, Banco Bilbao Vizcaya Gestinova, The Select Sector SPDR Trust and The Jeffrey Company. 
Professor Malkiel is a graduate of Harvard College and received his M.B.A. from the Harvard Graduate School of Business Administration and Ph.D. from Princeton University. 

ABOUT THE HOTEL ARTS BARCELONA

A window on the sea. Uniquely located to offer a magnificent Perspective of both the Mediterranean and the Port Olympic, Hotel  Arts Barcelona is minutes away from El Prat International Airport and steps away from historic city landmarks and central shopping and leisure areas  To secure hotel accommodation at the preferred rate, please contact the Hotel Arts at least four week s prior to the event date and tell them what you are attending the IMN World Cup of Indexing. Please note: you must take your hotel reservations directly with The Hotel Arts. To make your reservation: Ring +34-93-221-1000 or fax +34-93-221-1070 or write: The Hotel Arts, Carrer del la Marina, 19-21 08 005, Barcelona, Spain

18.30 Cocktail Reception Courtesy Of:

08.15 Continental Breakfast Courtesy Of:

08.30 CHAIRMEN’S RECAP

08.45 KEYNOTE PRESENTATION: THE PROPER ROLE OF INDEXING - ONE PENSION FUND’S EXPERIENCE 
John Norris, Chief Investment Officer,NATIONAL BENEFIT & PENSIONS FUND

09.15 IS INDEXING RISK FREE? - A COMPARISON OF THE RISKS ASSOCIATED WITH PASSIVE AND ACTIVE MANAGEMENT 
This interactive session will discuss the risks and payoffs associated with both styles of management including: 

• Asset allocation risk 
• Opportunity costs of active management 
• Transition costs 
• Stock picking risks associated with active management 

10.45 Refreshments 

11.00 INDEX PROVIDER QUESTION & ANSWER SESSION: GLOBAL EQUITY INDEXES, OBJECTIVES, METHODOLOGIES, COMPILATION AND MARKETING 
One of Europe’s largest pension schemes asks questions of Europe’s largest index providers in this question and answer session.  Learn what the differences are between the numerous providers in this interactive session.  Questions to be asked include: 

• Free Float.  What is it?  Should it be used as a basis for index construction? 
• Fixed number of components versus percentage of market capitalization 
• To what degree do growth and value indices apply in European markets? 
• How do you sell equity index funds? 
• Euro-based indices versus pan-European indices 

12.00 LUNCH FOR SPEAKERS AND DELEGATES 
KEYNOTE SPEAKER: “THE WORLD IS NOT ENOUGH: EVOLUTION AND REVOLUTION IN INDEX MANAGEMENT” 
 

Alan Brown, Principal, STATE STREET GLOBAL ADVISORS,  Chief Investment Officer, SSgA WORLDWIDE & Chairman, SSgA UK (UK)

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Alan has spent the majority of his career developing and applying quantitative strategies to portfolio management and is a noted speaker on the subject.  He has been working in the investment management field since 1974.  Alan is also on the board of the US Foundation for CERGE - The Center for Economics Research and Graduate Education, attached to the Charles University in Prague. 

13.15 SYNTHETIC INDEXING - THE MANY WAYS OF USING DERIVATIVES IN A PORTFOLIO 
At this session, learn about the many uses of futures and options available to the pension scheme community including using derivatives to: 

• Replicate pan-European Indexes 
• Reduce tracking error 
• Increase index returns 

14.15 ALTERNATIVE INVESTMENT INDEXES - WHAT ARE THEY AND SHOULD THEY BE A PART OF YOUR INVESTMENT PORTFOLIO? 
This session reviews the differences between the various types of ‘socially responsible’ index products.  Learn about the changing European environment and the types of indexes available including: 

• Socially Responsible Indexing 
• Ecologically Responsible Indexing 
• Sustainability Indexing 
• Commodities Indexing 

15.15 Refreshments 

15.30 PENSION SCHEME CASE STUDIES - TO INDEX OR NOT TO INDEX? 
On this panel, three pension schemes discuss why they chose to implement an indexed portfolio and the process they went through in establishing it. 
THE VALUE OF INDEXING - THE NORWEGIAN GOVERNMENT PETROLEUM FUND PERSPECTIVE
Yngve Slingstad, Pensions Manager, NORGES INVESTMENT MANAGEMENT (Norway) 
A CORE-SATELLITE CONCEPT FOR THE PILOT’S PENSION PLAN OF SWISSAIR
Reto Kuhn, Managing Director, PENSION SCHEME OF FLYING PERSONNEL, SWISSAIR (Switzerland) 
ARE INDEX FUNDS THE ANSWER TO PENSION FUND INVESTMENT PROBLEMS FOR D.B. AND   D.C. SCHEMES?
Kevin Frisby, Investment Analyst, IBM (UK) 

17:00 CLOSING REMARKS BY CONFERENCE CHAIRMEN 
 

17.15 The “Final Goal” Cocktail Reception Courtesy Of: