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GAVI Alliance Investment Committee Meeting
11 September 2012
Inv -2012 -Mtg -3 1




GAVI Alliance Investment Committee Meeting
11 September 2012
New York, NY, USA


FINAL MINUTES

1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 8.23 New
York time on 11 September 2012 . 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 Chair noted that his interest in Fortress was unlikely to
conflict with his GAVI responsibilities, and so decided it no longer needed to
be declared.

1.3 The Committee reviewed the minutes of it s meeting on 24 Ma y 2012 (Doc
1b) , which had been approved by unanimous consent on 30 May 2012. The
Committee also reviewed its forward workplan (Doc 1c ).

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2. Manager presentation ? Arrowstreet Capital

2.1 Michael Stanton and Ezra Levine from Arrowstreet Capital Limited
Partnership delivered an informational report that provided background on
their organi sation and the firm?s investment approach for a global equity
mandate (Doc 2). Mr Stanton and Mr Levine also discussed an offshore
comingled vehicle that may be an appropriate stru cture for a potential GAVI
investment.

Discussion

? The Committee noted its obligation to report new investments to the Board,
and the challenges associated with clearly explaining investment strategies
and risks. For example, while the Board is mindful of absolute investment
return, some Board members may not understand performance versus an
index. This makes it all the more important that the Committee ask the right
questions of its managers , understand risks, and evaluate how risks are being
mitigated.

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The annual progress report gives a comprehensive overview of the activities and performance of the Gavi Alliance, illustrating the work and achievements of this public-private partnership.