Hosted By: The Post-Crisis Period: Searching for Opportunity

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1 Hosted By: The Post-Crisis Period: Searching for Opportunity Pre-Conference Cocktail Reception Wednesday, May 27 th 5:30 7:00 pm Conference Thursday, May 28 th 7:30 am 6:30 pm The Monona Terrace One John Nolen Drive Madison, WI FEATURED SPEAKERS: JIM PAULSEN WELLS FARGO MARTIN FRIDSON LEHMANN, LIVIAN, FRIDSON ADVISORS

2 2015 Madison Investment Conference Agenda Wednesday, May 27, :30 7:00 pm Hosted Cocktail Reception The Madison Club 5 East Wilson St, Madison WI :30 8:00 am Registration and Breakfast Thursday, May 28, :00 8:15 am Welcome Message and Conference Overview Brian Hellmer, CFA, CIPM, CFA Society Madison 8:15 9:15 am Behavioral Investing in 2015 Prof. Werner De Bondt, Director of Behavioral Finance, DePaul University 9:15 10:15 am The High Yield Market Risks & Opportunities Martin Fridson, CFA, Chief Investment Officer, Lehmann, Livian, Fridson Advisors 10:15 10:30 am Break / Networking Opportunity 10:30 11:30 am Macroeconomics & Markets Outlook for 2015 Jim Paulsen, PhD, Chief Investment Strategist, Wells Capital Management 11:30 12:30 pm Lunch / Networking Opportunity 12:45 2:00 pm Concentrated Investment Products Are they Working? Gregory Allen, Director of Research, Callan Associates 2:00 2:15 pm Break / Networking Opportunity 2:15 3:15 pm International Equities: Strategic Allocation or Tactical Opportunity? Nigel Emmett, CFA, Senior Portfolio Manager, J.P. Morgan Global Equities 3:15 3:30 pm Break / Networking Opportunity 3:30 4:30 pm Investing In Real Assets Trends and Observations Mark Roberts, CFA, Head of Research & Strategy, Deutsche Asset & Wealth Management Alternatives and Real Assets 4:30 4:45 pm Wrap-Up and Concluding Thoughts 4:45 6:30 pm Hosted Cocktail Reception

3 Registration Information This conference will bring together institutional investors, pension fund professionals, leading academics, institutional consultants, and private wealth investors to discuss important challenges facing investors today. This year's conference will provide attendees with a wide variety of subject matter for consideration in planning their investment strategies for the year. We'll cover the outlook for the coming year, an overview of how behavioral finance should impact your decision making, examine the outlook for international equities, the high yield market, and real assets, and assess how well concentrated equity products have been working to produce outperformance for clients. Sponsors: Monona Level Sponsors The conference is an all-day event that provides a full day of speakers along with breakfast, lunch, and a cocktail reception. Registration Fees: General Conference Fee $250 (Limited Early Bird Registration $200) $175 (Limited Early Bird Registration $125) To Register: Visit our online registration. Registration will close on Friday, May 22 nd. Cancellation Policy: No refunds will be issued for any cancellations received within 24 hours of the program start. Substitutions from the same company are acceptable. Hotel Information: Hilton Madison Monona Terrace 9 East Wilson Street Madison, WI Discounted Rate - $159 Booking code: INVEST Call to make a reservation or book online. Wingra Level Sponsors Continuing Education (CE): This conference qualifies for six CE credit hours under the guidelines of the CFA Institute CE Program. NOTE: Bring your tablet or laptop all conference materials will be distribute on a flash drive.

4 Speaker s Biographies Prof. Werner De Bondt, Director of Behavioral Finance, DePaul University Werner F.M. De Bondt is Richard H. Driehaus Professor of Behavioral Finance and director of the Driehaus Center for Behavioral Finance at DePaul University in Chicago. Werner De Bondt studies the psychology of investors and financial markets. His research is interdisciplinary. He is one of the founders of the field of behavioral finance. Werner De Bondt has examined key concepts of bounded rationality, e.g., people's tendency to exaggerate the true impact of new information, their bent towards wishful thinking, or their biased perceptions of risk. De Bondt s research articles have appeared in many scholarly journals including the Journal of Finance, the European Economic Review, and the American Economic Review. Werner De Bondt is a frequent speaker to academics and investment professionals around the world. He holds degrees in economics, commercial engineering, and public administration, as well as a Ph.D. in Business Administration from Cornell University (1985). In past years, Werner De Bondt was a professor at universities in Belgium, The Netherlands, Luxemburg, Sweden, Switzerland, and at his alma mater, Cornell. Between 1992 and 2003, Werner De Bondt was the Frank Graner Professor of Investment Management at the University of Wisconsin-Madison. Martin Fridson, CFA, Chief Investment Officer, Lehmann, Livian, Fridson Advisors Martin Fridson is the Chief Investment Officer of Lehmann Livian Fridson Advisors. He is perhaps the most well-known figure in the high yield world, according to Investment Dealers Digest. Fridson received his BA cum laude in history from Harvard College and his MBA from Harvard Business School. He has served as president of the Fixed Income Analysts Society, governor of the Association for Investment Management and Research (now CFA Institute), and director of the New York Society of Security Analysts. The Financial Management Association International named Fridson the Financial Executive of the Year in In 2000, he became the youngest person ever inducted into the Fixed Income Analysts Society Hall of Fame. A study based on 16 core journals ranked Fridson among the ten most widely published authors in finance in the period In 2013 Fridson served as Special Assistant to the Director for Deferred Compensation, Office of Management and the Budget, The City of New York. In 2000, The Green Magazine called Fridson s Financial Statement Analysis one of the most useful investment books ever. The Boston Globe said his 2006 book, Unwarranted Intrusions: The Case Against Government Intervention in the Marketplace, should be short-listed for best business book of the decade. Jim Paulsen, PhD, Chief Investment Strategist, Wells Capital An investment management industry professional since 1983, Jim Paulsen is the chief investment strategist at Wells Capital Management. Jim develops investment strategies that assist in the management of separate institutional account assets as well as mutual and collective investment funds. He joined Norwest Investment Management, Inc., which later became part of Wells Capital Management, as chief investment officer in January Previously, he was the senior managing director and chief investment strategist for Iowa s largest independent asset manager, Investors Management Group, Des Moines. Earlier, he was president of SCI Capital Management in Cedar Rapids, Iowa. Jim is nationally recognized for his views on the economy. He is often quoted in The Wall Street Journal, Barron s and The New York Times. BusinessWeek named him Top Economic Forecaster for BondWeek has twice named him Interest Rate Forecaster of the Year. Since 1983, Jim has published his own commentary assessing the economic trends on national and global levels through his newsletter, Economic and Market Perspective. Money named his newsletter one of 101 Things Every Investor Should Know in March 2004.

5 Gregory Allen, Director of Research, Callan Associates Gregory Allen, is President and Director of Research. As President, Greg is responsible for overseeing Callan's Fund Sponsor Consulting group, the Trust Advisory Group, and all of the firm's research groups which include: Global Manager Research, Alternative Investment Research, Capital Markets Research, Database, Client Report Services, and Operations. Greg is also a member of Callan's Management Committee, the Alternatives Review Committee, the Client Policy Review Committee, and the Investment Committee which has oversight responsibility for all of Callan's discretionary multi-manager solutions. Greg joined the San Francisco office of Callan in 1988 as an analyst in the Capital Markets Research group where he focused on capital market research, quantitative analysis, product development, and asset allocation liability analysis. In 1993, Greg took over the Operations and Capital Markets Research groups. He has managed a wide variety of projects for Callan, including the development of the firm's performance measurement service, the development of Callan's web site and web-based performance reporting capabilities, and the development and launch of Callan's PEP for WindowsTM software. In 2000, Greg was promoted to Manager of Specialty Consulting (Now Director of Research) and in 2007 was promoted to President. Greg is a shareholder of the firm. Greg earned an MS in Applied Economics and a BA in Economics (Honors, Phi Beta Kappa) from the University of California at Santa Cruz. He is a frequent speaker on investment related topics, and has numerous publications. Nigel Emmett, CFA, Senior Portfolio Manager, J.P. Morgan Global Equities Nigel Emmett, managing director, is senior client portfolio manager, head of International Equity Group, North America, J.P. Morgan Asset Management. Nigel has been with J.P. Morgan Asset Management working as a client portfolio manager (CPM) within the International Equity Group since In 2001, he was made head of the International Equity CPM Team. With prior experience as both an equity analyst and portfolio manager, Nigel currently works with a variety of clients, including institutional, retail and private banking, across the range of international equity strategies. Nigel is a frequent conference speaker covering the outlook for international markets, as well as the role of international or global equities in the asset allocation decisions of clients. Nigel obtained a BA in economics from Manchester University. Mark Roberts, CFA, Head of Research & Strategy, Deutsche Asset & Wealth Management Mark G. Roberts has served as a Managing Director and Head of Research & Strategy, Alternatives and Real Assets, Deutsche Asset since September In this role, he oversees the research teams that support the firm s global real estate investment process, providing in-depth knowledge and unique perspectives on the markets, trends and landscape for global real estate investing. Prior to this position, he was the Global Head of Research at RREEF Real Estate. Mr. Roberts has more than 26 years of commercial real estate experience. From March 2009 until June 2011, he served as Global Head of Research of Invesco Real Estate, a division of Invesco Asset Management Limited. From 2003 to 2011, Mr. Roberts was Chairman of the firm s investment strategy group and also served as a member of various Executive and Investment Committees from 1996 to June From 1996 to February 2009, Mr. Roberts was Director of Investment Research. Prior to joining Invesco Real Estate in 1995, Mr. Roberts was Director of Construction/Development for Club Corp International Inc., a global hospitality company, in Dallas. He is the Chairman of the Board of NCREIF and was the former President of RERI, past Chairman of the NCREIF Research Committee and a member of the NCREIF Fund- Index Subcommittee which developed the NFI-ODCE Index. He holds an MS in Real Estate from the Massachusetts Institute of Technology, a BA in Architecture from the University of Illinois at Urbana and attended the Graduate School of Management at the University of Dallas.