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GAVI Alliance Investment Committee Meeting
19 February 2013
Inv -2013 -Mtg -1 1




GAVI Alliance Investment Committee Meeting
19 February 201 3
New York, NY, USA


FINAL MINUTES

1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 8.00 New
York time on 19 February 201 3. George W. Wellde, Jr , Investment Committee
Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack). The Committee reviewed the minutes of its meeting on 2
Nov ember 2012 (Doc 1b), its action sheet (Doc 1c) and its forward workplan
(Doc 1d ).

Decision One

The GAVI Alliance Investment Committee :

? Approved the minutes of its meeting on 2 November 2012.

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2. Manager presentation ? Convexity

2.1 Jack Meyer , Mike Pradko, Pete van Amson, and Erica White from Convexity
Capital delivered an informational report that provided background on their
organi sation and its investment approach (Doc 2).

Discussion

? The Committee discussed with the Convexity representatives its trading
strategies, counterparty diversification , counterparty and broker/dealer
relationships, financing and repurchase agreements, benchmarking, and
management and performance fees.

? After th e Convexity representatives left the meeting, the Committee discussed
the firm?s strategy, fee structure, management team experience and
succession planning, net returns, and risk profile.

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