2015 Spring Investment Forum State of Wisconsin Investment Board March 10, 2015 Monona Terrace, Madison WI

Tentative Speaker Agenda

9:30 a.m. Opening Remarks

1) Attributes of a "Good" Risk Taker Joseph Peta, Manager Director, Novus. Novus evaluates skill-sets and weaknesses of investment managers to help drive higher returns.

Joseph Peta has unique analytical expertise and skill-set for evaluating the performance of investment managers. Mr. Peta has nearly 20 years of experience as both a buy-side and sell-side equities trader. He started his financial career at Lehman Brothers and during his 13 years at the firm ran its biotech trading desk, served as a sell-side market maker in and advanced into the role of partner, running the trading desk at the firm's $200+ million long/short equity hedge fund in California. Following his tenure at Lehman Brothers, Peta joined UBS' electronic trading group and developed research on the firm's unique trading flow and value of analytics for investors. He later moved to Nomura Holdings as executive director of equity trading, helping to build the firm's technology trading desk. He is a widely-hailed author with a book that was named a "Top 10 Business Book" by Amazon. Mr. Peta holds a MBA from Stanford University and a BS in Accounting from Virginia Tech.

10:30 a.m. BREAK

10:40 a.m. 2) Portfolio Strategy and Quantitative Research François Trahan, Cornerstone Macro

François Trahan is an economist by training and is widely praised for his differentiated insights into the dynamics of the markets and his unique understanding of the business cycle. Prior to founding Cornerstone, Mr. Trahan was the Vice Chairman and Chief Investment Strategist of Wolfe Trahan & Co. Previously, he was Executive Managing Director and Chief Investment Strategist at ISI Group, as well as head of ISI’s Quantitative Research Team. Trahan was formerly with Bear Stearns & Co. where he served as Chief Investment Strategist for four years. Earlier, he worked for Ned Davis Research and the Bank Credit Analyst Research Group.

In 2014, Mr. Trahan was voted to Institutional Investor magazine’s All-American Research Team as the #1 Portfolio Strategist, and has been selected as #1 for eight of the past ten years. Since 2010, he has also been ranked among the top analysts for Quantitative Analysis as well. Trahan received his undergraduate and graduate degrees in economics and econometrics from the University of Montreal.

11:35 a.m. LUNCH

11:50 p.m. 3) Dealing with Risk: Career-long Observations about Risk Management Stephen Friedman, Chairman of Stone Point Capital; Retired Chairman of Goldman, Sachs & Co.; Former Chairman of the Board of Directors of the Federal Reserve Bank of NY

Stephen Friedman is the Chairman of Stone Point and a member of the Investment Committees of the Trident Funds. He joined Stone Point in 1998. He is a retired Chairman of Goldman, Sachs & Co. Mr. Friedman also previously served as Chairman of the President’s Intelligence Advisory Board and Intelligence Oversight Board, Assistant to President George W. Bush for Economic Policy and Director of the National Economic Council and Chairman of the Board of Directors of the Federal Reserve Bank of New York. Mr. Friedman joined in 1966 and became a Partner in 1973. Mr. Friedman is currently a board member of the Trident Fund portfolio companies Duff & Phelps Corporation and a director of NXT Capital, Inc. and Sedgwick, Inc. He is a trustee of Memorial Sloan-Kettering Cancer Center and The Council on Foreign Relations. Prior affiliations include Chairman of the Board of Trustees of and director of The Aspen Institute, The Goldman Sachs Group, Inc., Wal-Mart Stores and Fannie Mae. Mr. Friedman also previously served as a director of AXIS Capital Holdings Limited and Vertafore, Inc. (f/k/a AMS Services, Inc.). Friedman holds a B.A. from and an LL.B. from Columbia Law School.

12:50p.m. BREAK

1:00 p.m. 4) Model Thinking: Gaining Insight Using Multiple Modeling Systems Scott Page, Leonid Hurwicz Collegiate Professor of Complex Systems, Political Science, and Economics University of Michigan

Dr. Scott Page has written three books: The Difference, which demonstrates the benefits and costs of diversity in social contexts, Complex Adaptive Social Systems (with John Miller), which provides an introduction to complexity theory, and, most recently, Diversity and Complexity, which explores the contributions of diversity within complex systems. He has also published papers in a variety of disciplines including economics, political science, computer science, management, physics,

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public health, geography, urban planning, engineering, and history. In 2011, Dr. Page was elected to the American Academy of Arts and Sciences.

2:00 p.m. 5) 4490 Ventures Overview and Panel Discussion Mark Gehring (HealthMyne), Greg Robinson (4490 Ventures), and Chris Prestigiacomo (SWIB)

Mark Gehring is a Wisconsin-based serial entrepreneur in the field of healthcare informatics. He is the co-founder and chief strategy officer of HealthMyne, a provider of novel search, analytics, and imaging solutions to healthcare enterprises. Mr. Gehring previously co-founded and served as the CEO of four companies: Geometrics (3D radiation treatment planning system that has been the market leader since 1996 and is now marketed by Philips), UltraVisual (a medical imaging company which merged with Emageon), Sharendipity (a software development environment for non-programmers) and Propeller Health (a mobile platform for respiratory health management). Mr. Gehring has a Bachelor of Science in Biomedical Engineering from Marquette University.

Greg Robinson has over two decades of operating and venture capital experience and thrives on the entrepreneurial spirit. Prior to 4490 Ventures, he spent more than a decade at California-based Peninsula Ventures, investing in early-stage software companies. He was also a co-founder and COO of Cogent Technologies, which was acquired by Brightstar. Mr. Robinson has a Master of Business Administration from the Tuck School of Business at Dartmouth and a Bachelor of Science in Economics from Arizona State University.

3:00 p.m. ADJOURN

CFA CE credits for attendance with number dependent upon final agenda

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