INVESTMENT FORUM at the University Club 1 West 54th Street (at Fifth Ave) Hosted by: Richard Fitzburgh - Senior Vice President, Financial Advisor Joel Chase - Senior Vice President, Financial Advisor Sam McGuire - Vice President, Financial Advisor Thursday, June 14, 2012 7:30am - 2:30pm 7:30 - 8:00am Registration and Breakfast 8:00 - 9:15am Economists 1) Speaker: Thomas Philippon - John L. Vogelstein Faculty Fellow and Associate Professor of Finance at New York University - Stern School of Business. Topic: Eurobonds - Thomas Philippon’s research focuses on finance and macroeconomics. It includes empirical and theoretical work on financial distress and systemic risk; the links between asset markets, corporate investment and firm dynamics; the evolution of the financial industry; the design of optimal interventions during financial crises; labor relations and unemployment; corporate governance and accounting manipulations. Philippon has won the 2010 Michael Brennan & BlackRock Award (for best paper in the Review of Financial Studies), the 2009 Prize for Best Young French Economist (Cercle des économistes/ Le Monde), the 2008 Brattle Prize for the best paper in Corporate Finance (Journal of Finance), and the Stylo d’Or de l’ANDRH in 2007 (for the best book on Human Resources Management). He was elected Global Economic Fellow in 2009 by the Kiel Institute for the World Economy. Philippon graduated from Ecole Polytechnique, received a PhD in Economics from MIT, and joined New York University in 2003. 2) Speaker: Tom Porcelli - Chief U.S. Economist, RBC Capital Markets Topic: Economic Momentum Heading into 2013 - As RBC Capital Market’s Chief U.S. Economist, Tom Porcelli focuses on piecing together the US backdrop as part of the global economic effort. This entails crafting a US economic framework based on analysis of the hi-frequency data while taking into account the monetary and fiscal policy environment. He works closely with the various functional units within RBC Capital Markets. Tom travels globally to meet with RBC clients to share his insights on the US economy and markets. Prior to joining RBC he worked as an economist at Merrill Lynch where he was a member of the team responsible for economic forecasting and Fed watching. In this role, he worked closely with the fixed income trading desks. He began his career at the Federal Reserve Bank of New York working on the Open Market Desk. In this capacity, Tom was closely involved with the implementation of monetary policy. In addition, he was responsible for disseminating pertinent economic and market analysis to policy makers in an effort to provide them with critical information used in the policy making process. He appears regularly on CNBC, CNN, Bloomberg and is quoted widely in the global press. Tom holds a Masters degree from Columbia University. 3) Speaker: Georges Ugeux - Founder, Galileo Global Advisors LLC Topic: Global Dimensions of the European Debt Crises - Georges founded Galileo Global Advisors LLC to offer CEOs, Boards of Directors and Governments independent advice on international business development, restructuring, compliance and capital market issues. Georges Ugeux, a 66-year old Belgian national, began his career in 1970 at Societe Generale de Banque (now BNP Paribas Fortis), the leading Belgian bank, where he became General Manager of the investment banking and trust division. His career led him to London in 1985, as Managing Director of Morgan Stanley’s Mergers and Acquisitions department. In 1988, he was appointed Group Finance Director at Societe Generale de Belgique, the leading Belgian diversified industrial and financial conglomerate. In 1992, he became president of Kidder, Peabody Europe as well as Managing Director while serving as a member of the Management Committee and the Board of Directors of Kidder, Peabody, Inc. He was put in charge of the firm’s global origination efforts. In addition, he was also a member of the European Corporate Executive Council of General Electric Inc. From 1995 until joining the NYSE, Georges Ugeux served as President of the European Investment Fund, a Euro 2 billion public- private partnership created by the Heads of State and Government of the European Union at the Edinburgh Summit. He also chaired the Kingdom of Belgium’s Privatization Commission, at the time of the Belgacom privatization. Georges Ugeux holds a Doctorate in Law and is Licentiate in Economics from the Catholic University of Louvain. He has lectured at that University, as well as at the College of Europe in Bruges. He also served as a Special Advisor of the Program on International Financial Systems of Harvard Law School. He was recently appointed Lecturer-in- Law at Columbia University School of Law where he teaches a seminar on European banking and Finance. 9:15 - 10:15am Money Manager Presentations 1) Speaker: Scott Black - Barron’s Roundtable member; Founder & President of Delphi Mgmt. Topic: Economic/Market Outlook for 2012 and beyond - Scott is a Chairman, President, and Chief Compliance Officer at Delphi Management, Inc. He has over 30 years of financial and general management experience beginning with corporate finance and international treasury positions at Xerox and Joseph E. Seagram. At Merrill Lynch, Mr. Black rose to head of Corporate Development, where he was responsible for holding Company’s diversification activities. He has guest lectured on investments and corporate finance at Harvard, MIT and Stanford. Mr. Black has been featured in Fortune, Business Week, Forbes and The Wall Street Journal. Additionally, he has appeared on CNN, CNBC and Wall Street Week, and has participated in Barron’s annual roundtable. Mr. Black serves on the advisory boards of the John F. Kennedy School of Government at Harvard, John Hopkins University, Northeastern University, the Museum of Fine Arts (Boston), and the Portland Museum of Art. 2) Speaker: Christopher M. Niemczewski - Managing Principal at Marshfield Associates Topic: Springtime for Banking - Chris Niemczewski founded Marshfield in 1989. While at Columbia, he was exposed to the Graham and Dodd School of security analysis and investing, an approach that has influenced his thirty four years in the investment field. In addition to formulating and guiding Marshfield’s core investment philosophy and discipline, he conducts research and focuses on long-term strategic firm planning. From 1981 to 1989 he was President of Justin Asset Management. Chris is a member of the Board of Managers of Swarthmore College where he serves as Chair of the Investment Committee. Chris has an MBA from the Columbia University Graduate School of Business in 1977 and prior to that he received a BA degree from Swarthmore College in 1974. 3) Speaker: Janelle Nelson - Vice President, PortfolioAnalyst, RBC Wealth Management U.S. Topic: Three Yards and a Cloud of Dust: The Advantages of a Low Risk, High-Yield Equity Approach - Janelle Nelson has been a Portfolio Analyst with RBC Wealth Management’s Portfolio Advisory Group since 1993. An industry professional since 1984, she has been with the firm since 1991 and was previously affiliated with several Wall Street firms, including Citigroup (Smith Barney) and Morgan Stanley. She has been broadly quoted on the markets in local and national media and is a popular speaker for individual investor events. Janelle is part of a team that actively manages two equity income strategies for the firm, Guided Portfolio: Prime Income and Guided Portfolio: Dividend Growth. Within the team, she takes a strategic focus on energy-related companies. Janelle holds a B.A. from the University of Minnesota in political science and economics. 10:15 - 10:30am Break 10:30 - 11:00am Private Equity 1) Speaker: Nathan Troutman, Investment Executive, Privatus Partners Topic: The Pros and Cons of Going Direct - Mr. Troutman has over 25 years of experience building investment management businesses and restructuring direct investments and portfolios. Over the past 15 years, he has managed and served as an advisor to some of the world's most prominent families on their direct investment activities, including the Garza Sada family (founders of FEMSA - Beer and FEMSA - Coke), Paul Allen (co-founder of Microsoft), Geoffrey Kent (founder of Abercrombie & Kent), Julian Robertson (founder and Chairman of Tiger Management), and the George DeMoulas family (founder of Market Basket Supermarkets). While working for Paul Allen from 1999-2005, Mr. Troutman led a complete reorganization of Mr. Allen’s multi-billion dollar portfolio of over 100+ direct investments. To facilitate that process, Mr. Troutman built an institutional-quality team of approximately 30 investment professionals and formed Vulcan Capital. Key companies restructured include Charter Communications, DreamWorks SKG, TechTV, The Sporting News, Digeo, Oxygen Media and RCN. Mr. Troutman has served in multiple capacities for the various companies he has restructured: Chairman, CEO, COO, CFO and board member. About Privatus Partners -- Privatus was created by a group of investment professional that has led, improved, and/or restructured the direct investment activities of some of the world’s largest private investors. Investors such as Paul Allen, Julian Robertson, Geoffrey Kent, Nicholas Berggruen and the Santo Domingo, Bahamdan and Vahabzadeh families. They have recreated the process they used for these families and opened it up for other private investors. Their previous efforts generated multiple billions of dollars in value. They only focus on off-market