Key issues impacting the Fund Industry in 2013 and beyond Moderator: Diana Mackay, Chief Executive Officer, MackayWilliams, London Panelists: Daniel Godfrey, Chairman, IMA Jamie Hammond, Managing Director – Europe, Franklin Templeton Investments, London Joseph V. McDevitt, Managing Director, PIMCO Europe Ltd., London Marc Saluzzi, Chairman, ALFI Jonathan Willcocks, Managing Director, Global Head of Retail Sales, M&G Investments, London

1. A commission ban is already in place in the UK 1. A commission ban is already in place in the UK. Who do you think has lost out most from this commission ban? IFAs/financial advisers Discretionary financial advisers Asset managers Consumers Fund platforms 266 of 500

2. Looking at wider Europe and the potential ban on commissions - Who will be the biggest winners of a pan- European Commission ban? Independent financial advisers Private banks and wealth managers Retail bank distributors Asset managers Consumers Fund platforms No one? 269 of 500

3. On what kind of funds is the addition of a performance fee justifiable? Funds using sophisticated strategies Any active funds Any fund, if annual charge is reduced to compensate None 267 of 500

4. Looking at your product range today, what will be your focus in terms of improving your distribution impact? Local range Regional range Global range A mixture 219 of 500

5. Which regional markets were the most successful for you in 2012? Europe Asia Latin America Middle East 205 of 500

6. Where do you believe the new global opportunities are to be found? Mexico Brazil India China 244 of 500

7. What action do you think is most likely to restore the confidence of investors or widen the pool of long-term savings into funds? Improved market climate Regulation, including a retrocession ban Consumer educational initiatives Access to cheaper, simpler products Industry action to promote the investment fund brand No action required or likely to be effective 275 of 500

8. How would you currently define the most pressing need of retail investors? Simplicity Higher returns Transparency Lower risk Lower costs 274 of 500

9. How would you currently define the most pressing need of institutional investors? Simplicity Higher returns Transparency Lower risk Lower costs 279 of 500

10. As a result of current regulatory developments, what would you consider the most complex operational issue on your desk? Substance requirements management including transfer pricing consideration Derivatives trading Risk management KIID production and dissemination Number and diversity of ongoing IT projects Tax reporting Other 223 of 500

11. Where do you see new areas of growth? New funds Demographics forcing greater pensions savings Appealing to a new generation No action necessary 252 of 500

AIFMD Opportunities & Challenges Moderator: Claude Niedner, Partner, Arendt & Medernach Panelists: Martin Dobbins, Managing Director, Country Head Luxembourg, State Street Bank Luxembourg Alain Kinsch, Country Managing Partner Luxembourg, EMEIA Private Equity Funds Leader, Ernst & Young Alexander Nightingale, Director Legal, BlackRock Investment Management Ltd., London John Siena, Head of EMEA External & Regulatory Affairs, BNY Mellon, London

1. What will be the impact of the AIFMD on international onshore centers versus offshore centers? The position of international onshore centers will be strengthened The position of international onshore centers will be weakened The position of international onshore centers will not be impacted Too early to say 285 of 500

2. Where do you expect AIFMs to be domiciled in the future? In the financial centers for asset management In the fund jurisdictions In both, depending on the relevant asset class (PE/RE versus Hedge) Outside of Europe 265 of 500

3. Are you of the opinion that the new rules on depositories will have as a result that: The increase of costs for depositories will be significant and asset managers will avoid being in scope of the AIFMD The increase of costs will be marginal and will be outweighted by the advantages conferred by the AIFMD There will be no impact on costs for depositories The costs will decrease 246 of 500

4. Going forward, do you expect AIFs to be marketed with or without the EU passport? With the EU passport, because AIFMD compliant funds will be the standard for European professional investors With the EU passport, because private placement regimes at national levels will be too restrictive With the EU passport, because of 1. and 2. Without the EU passport, because AIFMD requirements are too onerous Without the EU passport, because national private placement rules will fit the purpose 239 of 500

5. For Alternatives Managers: How do you rate the impact of AIFMD on your business? This is just a compliance exercise resulting in additional cost with no real impact on our business model It does not impact our business model but it does significantly impact our operational, legal and/or governance model set-up It impacts our business model, in terms of fund raising and/or investment focus 202 of 500