1. 16/06/20141

2. 2

3. About AIMA 16/06/20143

4. 4

5. 5 Source: Hedge Fund Research

6. 16/06/20146 Source: HedgeFund Intelligence, December 2013

7. 16/06/20147 Historical industry performance

8. 16/06/20148 Source: Barclays Capital Solutions, “Waiting to exhale”, January 2014

9. 16/06/20149

10. 10 Hedge Fund Manager Offshore Master Fund (e.g. Cayman) Service providers (Custodian/ Prime Broker/ Administrator) Onshore US Feeder Fund (e.g. Delaware) Non US - US tax exempt investors US taxpaying investors Regulators

11. 16/06/201411 Source: Eurekahedge

12. 16/06/201412

13. 16/06/201413 Focus on retail Focus on banks Basic supervision of participants, activities and products Removing stock exchange monopolies Trade transparency in equity markets Standard market abuse rules Market Integrity Market efficiency CompetitionSupervisionFinancial stability Investor Protection Regulatory intensity

14. 16/06/201414 Even greater retail protection Professiona l investor protection Mandated central clearing & margin for OTC New banking regulation SIFI focus Greater intrusion New tools and powers New institutions Unbundling Level playing field for exchanges/ dealers New Participants Market transparency in non-equities Multilateral trading venues Data Reporting Increased Product Scope Heightened sanctions Increased enforcement Market Integrity Market efficiency CompetitionSupervisionFinancial stability Investor Protection Regulatory intensity

15. 16/06/201415 Hedge Fund Management Company Hedge Fund Markets Trading TAXTAX Distribution Management and operations

16. 16/06/201416 Hedge Fund Management Company Hedge Fund Markets Trading TAXTAX Distribution Management and operations UCITS ELTIF Title IV MAD AIFMD EMIR MiFIR BEPS CPO/PQR Title VII FATCA CRD/CRR JOBS Form PF FTT MiFID 40 ACT

17. Management and operations Registration and authorisation Organisational requirements Transparency and reporting Remuneration Risk, liquidity and leverage Service providers Distribution Private placement Marketing and advertising Investor classificationDue diligence Markets Algorithmic and HFT Derivatives Market structures Position limitsShort selling Tax Taxation on the fund Taxation on fund investments and cash/asset flows Taxation of investorsAnti-evasion/avoidance

18. Policy and Regulation Asset Management Regulation, Markets Regulation and Tax Affairs Advocacy Policy Research Compliance Toolkits Sound Practice Guides Due Diligence Questionnaires Education and Communication Media Relations Member Communications Membership Services Events Industry Research Investors

19. 16/06/201419

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