The Gutmann Center for Portfolio Management (www.gutmann-center.at) at the University of Vienna is pleased to announce the

GUTMANN SYMPOSIUM ON

„CAPITAL MARKET BASED PENSION SYSTEMS“

DATE: DECEMBER 1st, 2003 8.00 a.m. – 6.00 p.m.

LOCATION: UNIVERSITY OF VIENNA (Austria) Dr. Karl-Lueger-Ring 1, 1010 Wien (Kleiner Festsaal)

The reform of pension systems is one of the greatest challenges for most industrialized countries. As traditional “pay-as-you-go”-systems increasingly face budgetary constraints, capital market based solutions will become crucial. The internationally recognized speakers at our symposium approach this hot topic from an academic as well as from a practitioner's point of view:

· Lawrence N. BADER "Funding Corporate Pension Plans" · David BLAKE, Pensions Institute, Birkbeck College, University of London “PensionMetrics: On the stochastic design of pension plans during the accumulation & distribution phases” · Bill FUNG, London Business School "Is there sufficient Absolute Return Capacity to meet Absolute Liabilities of Pension Funds?" · Jeremy GOLD, Wharton School, University of Pennsylvania/ Jeremy Gold Pensions “Accounting/Actuarial Bias Enables Equity Investment by Defined Benefit Pension Plans” · Kristian R. MILTERSEN, Norwegian School of Economics and Business Administration “International Comparison of Interest Rate Guarantees in Life Insurance” · Andrea PRAT, London School of Economics "Pension Fund Governance and the Choice between Defined Benefit and Defined Contribution Plans" · Christian SCHLAG, Goethe-Universität Frankfurt a.M. "Money-Back Guarantees in Individual Pension Accounts: Evidence from the German Pension Reform"

The sessions will be discussed and chaired by members of the Academic Advisory Board: · Elroy Dimson, London Business School · Engelbert Dockner, University of Vienna · Robert Korajczyk, Northwestern University · Klaus Spremann, University St. Gallen · Neal Stoughton, University of California, Irvine · René M. Stulz, Ohio State University, Fisher · Suresh Sundaresan, Columbia University · Maria Vassalou, Columbia University · Josef Zechner, University of Vienna, Director of the Gutmann Center for Portfolio Management

The symposium will be followed by a panel discussion and a reception.

Participation fee: the participation is free, but all participants are required to register. Please find further information about registration, program, papers etc on the homepage: http://www.gutmann-center.at. Contact: gutmann.bwl@univie.ac.at phone: +43-1-4277-38186 fax: +43-14277-38074

The Gutmann Center for Portfolio Management is sponsored by Bank Gutmann AG (www.gutmann.at). This symposium is presented in cooperation with the Austrian newspaper "DIE PRESSE" (www.diepresse.com)