2006 ABANA Achievement Award Dinner honoring

Dr. Mohamed A. El-Erian, President & Chief Executive Officer

Harvard Management Company, Inc.
Wednesday, October 4, 2006
New York Palace

Thank you, Laura. Ladies and gentlemen, distinguished guests, Good evening. Ahlan wa sahlan wa
Ramadan mubarak. We have a sell-out crowd tonight -- but it’s no surprise especially since we are here to
celebrate the achievements of Dr. Mohamed El-Erian.

As Laura mentioned, the ABANA Achievement Award honors exceptional individuals who have
made significant contributions to the Arab and American financial sectors -- as well as individuals of Arab
descent who have significantly contributed to the finance industry sector in general. Earlier, I looked at the
list of individuals who have been honored in the past. Each recipient has, in their own way, served as a
diplomat, an educator and a translator for Arab and American business relations. One of them is here tonight
– Dr. Richard Debs, who by the way, I had the honor to similarly introducing to this group a few years ago.
In fact Laura, I’m beginning to develop a bit of the Jim Carrey complex….the official presenter of awards
complex.

In any event, as you scan the list, you will see that these individuals represent the enduring
significance of ABANA’s mission in the most honorable of ways. And tonight’s honoree is certainly no
exception.

In many ways, choosing this year’s recipient was easy. Mohamed, we’ve been watching your star
rise -- and shine – for some time now. First, as a distinguished macroeconomist at the IMF, then at Salomon
Smith Barney/Citibank, and of course, as a senior executive running the world’s largest emerging market debt
fund at PIMCO. Clearly, others were watching, too.

The financial world was all abuzz when you were chosen to head the Harvard Management
Company. Harvard officials said they chose you because your broad views on global economies would be
useful in managing a portfolio that includes everything from timber to hedge funds. We couldn’t agree more.

When the ABANA Board heard about your appointment, their choice was obvious. I understand the
deal was sealed when you served as keynote speaker at ABANA’s Middle East Capital Markets conference.
The audience was so captivated by your speech, one could hear a pin drop. In a few minutes, we will all get
another chance to hear Mohamed speak. Afterwards, there will a Q & A session, so get your questions ready,
but you’re not allowed to ask him for stock tips.

Mohamed, as recipient of the 2006 ABANA Achievement Award, you join a fellowship of
accomplished and rarified business leaders who represent our community with outstanding intellect, a
commitment to excellence and an overarching sense of humility. Respected leaders are continually aware of
who they are -- their beliefs and character, what they know – sense of self and their mission, and what they do
-- by providing direction and inspiration. And you, my friend, are a deeply respected leader.

Now, you may ask how I know this. Well, like you, my father taught me a number of old Arabic
proverbs, including this one: “When the character of a man is not clear to you, ask those who know him best.”
Not surprisingly, I learned a great deal from what your friends say and importantly, feel about you.

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 They reminded us that you were born in New York City – which is the only thing that can explain
your obsessive devotion to the Jets and the Mets. You were educated at Cambridge and Oxford. You spent
15 years at the IMF, where you started in 1983 as an economist, and then served as an adviser to the fund's
first deputy managing director, Stanley Fischer.

So we asked Mr. Fischer, who is now the Governor of the Bank of Israel, for some insight. He first
met you in the early 90’s when you worked together on a project on the economics of Middle East peace.
When he joined the IMF in 1994, you served as his chief-of staff. “He was outstanding.” said Mr. Fischer.
“But soon I lost him to the Middle East department, whose need for him was even greater than mine.”

Mohamed went on to serve as head of emerging markets economic research for Salomon Smith
Barney and then in May 1999, joined PIMCO, where he led a team that managed more than $28 billion in
emerging market bond funds. During his years at PIMCO, he became known for taking calculated risks that
paid off big, many of which were frequently reported in the press over the years.

More than one colleague described Mohamed as a brilliant man, a kind and generous spirit, a
principled populist – a man with strong convictions and a soft heart. A Renaissance man – a description I
found particularly compelling. Those who worked with you repeatedly described your incredible depth of
knowledge and experience across a whole number of fields – whether you were discussing the technical
aspects of high level economics or the latest controversy brewing inside the Washington beltway. From
money management to complex investment banking deals, there are few things that you have touched that are
not blessed by your involvement.

Your friends and colleagues mentioned that they learned from you while on long afternoon walks,
exercising your dog, Malik, and solving the problems of the world. Others told us how they benefited from
your natural skills as a teacher – your supportiveness and your willingness to share your intellect in ways that
inspire rather than intimidate.

We also discovered that you are an agent of change on the global financial scene. In 2004, you
allowed Egypt to nominate you to lead the IMF, despite the arrangement which has governed leadership
selection since World War II -- the U.S. gets the World Bank, and Europe gets the IMF. You were willing to
let your skill, expertise and proven leadership serve as a vivid reminder that the world today is not the same as
the world of 1945. By doing so, you voiced your heartfelt opinion that the IMF should expand its net and
consider candidates for the leadership role from around the globe -- and properly acknowledge the expanding
role of the world’s emerging markets. We look forward to the day this idea becomes a reality.

Until then, it seems to me like you’ve got a pretty good gig right now. While you are still new to
your position, I’ve heard that you and your team are doing a great job – the endowment earned 16.7 percent
return in the last fiscal year – and grew to $29.2 billion. And, as if one job wasn’t enough, you are also a
professor at HBS and the Assistant Treasurer of the University. Not too bad for a Mets fan, even in
Beantown.

Mohamed, it has been a pleasure reviewing why ABANA has chosen to honor you tonight. But
before I go, I have one last responsibility – and that is to deliver a message from your wife, Jamie who,
unfortunately, couldn’t join us tonight. Though she is now with her stepfather, who underwent surgery two
days ago, she is here in spirit. She sent this message:

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 “Mohamed, we are all so proud of you for receiving this award. Everyone here tonight knows that
you're smart, savvy and hard working. But what they don't know is that you're also a sweet, kindhearted and
compassionate man. They don't know that you play silly tickle games with our two-year old daughter, Samia
every night, that you hug and kiss your dog, Malik, every morning, and that you'd do anything to make your
wife happy. I wish I could be with you this evening as you are being honored. I love you. Your wife,
Jamie.”

Now that’s what I call Achievement.

Ladies and Gentlemen, Dr. Mohamed El-Erian is an exceptional investment professional, an inspiring
speaker, a committed teacher and philanthropist, not to mention devoted husband and father, who leads by
example – an example we are proud to honor. On behalf of ABANA, please join me in congratulating Dr.
Mohamed Abdulla El-Erian.