ORFIVAL EMPLOYEES JOINT WINNERS OF THE 2007 DIETZ AWARD BY THE SPAULDING GROUP, INC.

The Spaulding Group Inc., the leading provider of investment performance measurement products and services, have chosen as joint 2007 Dietz Award winners two employees of Orfival S.A.:   Philippe Gregoire, Ph.D., and Herve van Oppens, Ph. D..  Philippe Gregoire was the keynote speaker at the Spaulding Group’s Sixth Annual Performance Measurement, Attribution and Risk (PMAR VI) Conference, which attracted over 160 attendees and 15 exhibitors on May 21- 22, 2008.   Philippe presented on Risk Adjusted Performance Attribution, concentrating on:• Contribution to risk with time varying exposure
• Attribution in a risk-return framework
• Effect due to total risk and risk allocation