TREASURY IN TODAY’S ENVIRONMENT BUILDING BLOCKS FOR THE FUTURE

2018 NATIONAL TREASURERS CONFERENCE MAY 30–JUNE 1, 2018 | THE PRINCETON CLUB | NEW YORK, NY CONFERENCE PROGRAM THE NATIONAL ASSOCIATION OF CORPORATE TREASURERS TREASURERS TALKING TO TREASURERS - A MEMBER-DRIVEN ORGANIZATION TABLE OF CONTENTS

3 Welcome Letter

4 2018 Conference Highlights

5 Board of Directors

7 Conference Agenda

8 Topics and Events

11 Networking Events

12 Featured Speakers

18 Corporate Sponsors

20 Save the Date

2 CONFERENCE PROGRAM DEAR NACT COLLEAGUES

On behalf of the NACT Board of Directors, we welcome you to the 2018 National Treasurers Conference! Treasurers Talking to Treasurers - a Member-Driven Organization is the value proposition that NACT provides to our members. This year’s conference theme is Treasury in Today’s Environment – Building Blocks for the Future. The program provides opportunities for experts and practitioners to network and exchange innovative ideas and best practices in candid, off-the-record settings. Our aim is to support the resilient treasurer by strengthening skills to bounce back despite economic and political uncertainties in today’s very dynamic environment. This year’s guest speakers include: • Ioana Barza, Director of Analysis, Thomson , returns by popular demand to give her review of everything related to the syndicated loan market for both investment-grade and leveraged borrowers. • Ebrahim Rahbari is a Managing Director and the Head of Global Macroeconomics within Citi Research, based in New York. Ebrahim’s mandate is to shape Citi’s views on global economic developments, major policy issues, major events, significant themes and longer-term trends, some of which include G10 monetary policy, global growth, investment, financial conditions and crises. • John Sileo is CEO of The Sileo Group of data security experts who help organizations protect the information that drives their profits. His body of work includes engagements with the Pentagon, USA Today, Visa, 60 Minutes, Homeland Security, Rachael Ray, Schwab and organizations of all sizes. Treasurers are keenly aware that no matter what they do correctly every day, one mistake that can never be allowed is to compromise the integrity of their company’s cash and its safe transfer, across borders and currencies, from where it is generated to wherever it is needed. John Sileo will make sure we keep safe. • In addition, the morning of the first day is dedicated to a closed-door, open forum with treasurers from major public corporations and privately held firms sharing their insights and experiences on topics that are relevant to you and your organization.

2018 NACT NATIONAL TREASURERS CONFERENCE 3 2018 NATIONAL TREASURERS CONFERENCE HIGHLIGHTS:

• An Open Forum discussion among treasurers ONLY • Thought-provoking sessions with industry experts and treasurers on: Cyber Insurance Supply Chain Financing Banks and Capital Markets Rating Agency Panel Global Regulatory Changes The NACT Board of Directors has been very active this year, including taking advocacy positions to benefit our profession. We will provide an update on these activities during the conference, including changes to the Dodd-Frank Act on derivatives, an update on money market fund regulations, and NACT’s leadership to develop a replacement for LIBOR and other interest rate indexes with key input from corporate treasurers. We are pleased to have you attend the premier conference developed exclusively by your fellow corporate treasurers. The venue at the Princeton Club offers excellent facilities for our sessions, as well as convenience for those who wish to conduct other business while in New York. For unfettered discussions of Treasurers Talking to Treasurers, non-practitioner speakers and corporate sponsors generally are only present during their applicable sessions and sponsored events. We look forward to a successful Conference!

4 CONFERENCE PROGRAM NACT BOARD OF DIRECTORS (JULY 2017-JUNE 2018)

The NACT Board is comprised of member treasurers who are committed to advancing the profession. We welcome feedback on all relevant topics. The Board has been very proactive in fostering dialogue among political, regulatory and industry players, and has approved advocacy positions urging restraint on proposed regulations for the money market fund industry and OTC Derivatives. The NACT Chairman also represents the organization as a delegate to the meetings of the International Group of Treasury Associations (www.igta.org), a global forum comprised of the national treasury associations of approximately 30 countries. He presently serves as IGTA’s Vice Chairman and its Immediate Past Chairman.

BOARD OFFICERS BOARD MEMBERS

CHAIRMAN Nicholas Bijur Colleen O’Connor Thomas C. Deas, Jr. Vice President & Treasurer Vice President & Treasurer (2017 National Chair) Pacific Gas & Electric Corporation The Duchoissos Group, Inc. Vice President & Treasurer, FMC Corporation (Retired) J. Gregory Coffey Otis O. Otih Partner, SeatonHill Partners LLC. Global Treasury Director PRESIDENT MARS, INC. Michael R. Williams Bradley Fox Vice President & Treasurer Vice President & Treasurer Mark W. Peterson Orbital ATK, Inc. Vice President & Treasurer Allen A. Geller EXECUTIVE VICE PRESIDENT Executive Vice President & Treasurer Susan Plotzky Bjork Hupfeld Raines International, Inc. Treasurer Global Treasurer The Hershey Company Gerard A. Halpin III William M. Rigger President & Chief Executive Officer Group Assistant Treasurer SECRETARY/TREASURER Siemens Capital Company, LLC Willis Ruud P. Roggekamp Assistant Treasurer, Corporate Mary Dean Hall Peter L. Sereda Finance & Banking Chief Financial Officer Senior Vice President-Finance & Treasurer The Boeing Company Quaker Chemical Corporation Telephone & Data Systems, Inc. IMMEDIATE PAST CHAIRMAN Kimberly A. Hunter J. Darrell Thomas Ramon Yi Treasurer & Vice President Vice President & Treasurer Senior Director, Treasury Port of Harley-Davidson, Inc. Houston Authority Karen N. Latham Corporate Treasurer Kevin Wilson

Vice President & Treasurer Robert T. Marley Ingredion Incorporated Assistant Treasurer Enersys Ted Yerdon Vice President & Treasurer William Mekrut Steel Partners Holding LP Vice President & Treasurer FM Global

2018 NACT NATIONAL TREASURERS CONFERENCE 5 6 CONFERENCE PROGRAM 2018 CONFERENCE AGENDA

WEDNESDAY, MAY 30, 2018 2:00 – 5:30 PM Conference Registration Fourth Floor Foyer 6:30 – 8:30 PM Opening Reception Prospect/Triangle/McCosh Room (4th Floor) 9:00 – 10:00 PM Hospitality Suite Prospect/Triangle/McCosh Room (4th Floor) THURSDAY, MAY 31, 2018 7:30 – 5:00 PM Conference Registration Second Floor Foyer Continental Breakfast 7:30 – 8:30 AM Alexander Hamilton Room Interest Rate Index and Other Regulatory Reforms 8:30 – 12:30 PM Open Forum James Madison Room 10:30 – 10:45 AM Refreshment Break Alexander Hamilton Room Luncheon with Keynote Speaker John Sileo – 12:30 – 2:15 PM Alexander Hamilton Room sponsored by S&P Global Ratings 2:15 – 2:30 PM Refreshment Break Alexander Hamilton Room 2:30 – 3:45 PM Session 1 – The Ins and Outs of Cyber Insurance James Madison Room Session 2 – Strategic Business Partnerships – 3:45 – 5:00 PM James Madison Room Supply Chain Finance Programs 6:30 – 7:30 PM Cocktail Reception – sponsored by FM Global North/South Garden Terrace (4th Floor) Dinner and Dessert with Guest Speaker Ebrahim Rahbari – 7:30 – 10:00 PM Prospect/Triangle/McCosh Room (4th Floor) sponsored by Fitch Ratings 10:30 – 11:00 PM Hospitality Suite Prospect/Triangle/McCosh Room (4th Floor) FRIDAY, JUNE 1, 2018 7:45 – 12:30 PM Conference Registration Second Floor Foyer Continental Breakfast 7:45 – 8:30 AM Alexander Hamilton Room A New Starting Line for Corporate Treasurer 8:30 – 9:30 AM Session 3 – Ratings in a Changing Environment James Madison Room 9:30 – 9:45 AM Refreshment Break Alexander Hamilton Room Session 4 – Banks and Capital Markets: Raising Capital with 9:45 – 11:00 AM James Madison Room Change as the Baseline 11:00 – 12:00 PM Loan Market Update: How Is the Loan Market Changing James Madison Room 12:00 – 12:30 PM NACT Announcements and Annual Business Meeting James Madison Room

2018 NACT NATIONAL TREASURERS CONFERENCE 7 2018 CONFERENCE TOPICS AND EVENTS

THURSDAY, MAY 31, 2018 CONTINENTAL BREAKFAST LUNCHEON WITH KEYNOTE SPEAKER 7:30 – 8:30 AM sponsored by S&P Global Ratings Alexander Hamilton Room 12:30 – 2:15 PM Interest Rate Index and Other Regulatory Reforms Alexander Hamilton Room Peter Frank John Sileo, CEO of The Sileo Group, a data security think tank that helps US Leader, Financial and Treasury Management, PwC organizations protect the information that drives their profits. As a cyber security expert serving thousands of organizations, John’s experiences Tom Deas have led to speaking engagements with the Pentagon, Visa, Charles Chairman, National Association of Corporate Treasurers Schwab, Homeland Security, the FDIC, Pfizer, Million Dollar Round Table, Is LIBOR Really Going Away? What Else Is Happening? the FTC, Northrop Grumman, The Hartford, the Federal Reserve Bank, the University of Massachusetts and hundreds of organizations, universities, Tom Deas is representing U.S. treasurers on the Fed’s newly formed and associations of all types. No matter the size of the company or technical Alternative Reference Rates Committee. He will go over the ARRC’s efforts to experience of the audience, John makes sure participants are motivated replace LIBOR and its recommendations on specific protocols for how loans, and educated to change their relationship to data security. swaps, and a range of other contracts need to change. Peter Frank is a leader of PwC’s treasury advisory practice in New York and he will take us through SESSION 1 his views on how treasurers can manage these changes across almost every 2:30 – 3:45 PM financial market and develop a change-over plan before LIBOR ends in 2021. James Madison Room Peter will also outline other upcoming regulatory and accounting changes The Ins and Outs of Cyber Insurance treasurers need to prepare for. Moderator: Peter will also outline other upcoming regulatory changes, including tax reform Allen Geller Executive Vice President & Treasurer Raines International, Inc. and accounting changes, among others, that Treasurers need to prepare for. Panelists: John Loftus, Senior Vice President, Cyber Security & Privacy, OPEN FORUM – TREASURERS TALKING TO TREASURERS Willis Tower Watson 8:30 AM – 12:30 PM Grace Ries, Staff Vice President-Manager Cyber Risk Insurance Products, James Madison Room FM Global Moderators: Jeff Tilley, Vice President Cyber Hazard, FM Global Allen Geller, Executive Vice President & Treasurer, Raines International, Inc. Laura Meade, Insurance Programs Manager, Telephone Data Systems Bjork Hupfeld, Global Treasurer, The Hershey Company Cyber exposure is business exposure. Protecting property including data Don’t miss the most popular session of our conference. Share your today requires both broad-based cyber coverage and a comprehensive plan knowledge and experience, as well as ask questions and gain insights from for preventing or minimizing cyber risk—and the risk it poses to your business your fellow treasurers on the latest financial topics. It all takes place in a operations. Leading cyber property coverages require powerful risk assessment candid, confidential forum under “Vegas Rules”. and mitigation strategies. This creates a broad, 360-degree cyber strategy that goes beyond the defensive posture of coverage to proactively measure and prevent potential cyber exposure and maximize business resilience.

8 CONFERENCE PROGRAM FRIDAY, JUNE 1, 2018 Session 2 CONTINENTAL BREAKFAST 3:45 – 5:00 PM 7:45 – 8:30 AM James Madison Room Alexander Hamilton Room Strategic Business Partnerships – Supply Chain Finance Programs A New Starting Line for Corporate Treasury Moderator: Speakers: Rich Moore, Corporate Treasurer, Caterpillar Inc. Jeff Diorio, Managing Director, Treasury Strategies, a Division of Novantas, Inc. Panelists: Indirah Toovey, Executive Director, J.P. Morgan Cathryn R. Gregg, CCM, Managing Director, Treasury Strategies, Strategic Director Supply Chain Finance a Division of Novantas, Inc. Global Trade & Loan Products, Corporate & Investment Bank Jeff Diorio and Cathryn R. Gregg of Treasury Strategies will be briefing us on Douglas Schoch, VP Finance several key areas affecting treasury at this breakfast briefing. Siemens Capital Company LLC - A Siemens Financial Services Business They will be discussing the current state of block-chain and digital Robert Worthington, Assistant Treasurer, International Finance currencies, the impacts on organizations and what you need to be prepared FMC Corporation for. In addition, they will be giving a briefing on the state of digital treasury transformation and initiatives they see Treasury departments focused on for Supply Chain Finance (SCF) programs come in various forms and structures, 2018 as part of their State of the Treasury profession briefings. but the key to successful implementation is broad engagement and partnership between Finance and the Business. The panel will discuss Please attend as Jeff and Cathryn have vast knowledge on all areas related to various SCF structures, systems and tools available, as well as share their Treasury, including regulatory, market impacts, liquidity optimization, technology journeys in developing and deploying successful SCF programs. and risk mitigation. This promises to be entertaining and informative.

DINNER AT THE PRINCETON CLUB WITH GUEST EBRAHIM RAHBARI Session 3 8:30 – 9:30 COCKTAIL RECEPTION James Madison Room sponsored by FM Global Ratings in a Changing Environment 6:30 PM Moderator: Ramon Yi, Senior Director, Treasury, Port of Houston Authority DINNER Immediate Past Chairman, NACT sponsored by Fitch Ratings Panelists: 7:30 PM Craig D. Fraser, Managing Director, Fitch Ratings John Puchalla, Senior Vice President, Moody’s Investors Service Philip A. Baggaley, Managing Director, S&P Global Ratings Gain insights from senior representatives of Fitch Ratings, Moody’s Investors Service, and S&P Global Ratings on how the current growth environment, tax reform, tariffs, U.S. infrastructure proposal, changes in oil and commodity prices, rising interest rates, as well as other perceived risks in the global and political arenas may affect the credit ratings outlook for different industries.

2018 NACT NATIONAL TREASURERS CONFERENCE 9 FRIDAY, JUNE 1, 2018 (CONTINUED) Session 4 Session 5 9:45 – 11:00 AM 11:00 AM – 12:00 PM James Madison Room Loan Market Update: How Is the Loan Market Changing Banks and Capital Markets: James Madison Room Raising Capital with Change as the Baseline Speaker: Moderator: Ioana Barza, Director of Analysis, LPC J. Darrell Thomas, Vice President & Treasurer, Harley-Davidson, Inc. How is the loan market changing? Panelists: Brendin Cave, Executive Director, J.P. Morgan, • Market insights from the viewpoints of borrowers, lenders, and regulators U.S. Investment Grade Finance • Will banks see loosening of Leveraged Lending Guidance? Warfield Price, Managing Director, J.P. Morgan • Where is loan pricing headed? Michael R. Williams, Vice President & Treasurer, Orbital ATK Inc. • LIBOR Long-Term: Will it go away…and what would this mean?

Debt Capital Markets Panel For most companies – the best long term source of debt capital is the bond market. Four experienced panelists representing investment grade and non-investment grade issuers and investment grade and non-investment grade bankers will discuss the global debt markets with a focus on the United States market. They will discuss the best ways to go to market, the issuing formats (pros and cons), the considerations when going to market, and investor demands and expectations. Additionally, there will a discussion of the role of keys players including the investment banks, legal counsel and ratings agencies.

10 CONFERENCE PROGRAM NETWORKING EVENTS

WEDNESDAY, MAY 30, 2018 Opening Conference Reception with NACT Corporate Sponsors Enjoy this first opportunity to network with your treasurer colleagues and representatives from our valued corporate sponsor companies during a reception at the Princeton Club. Hospitality Suite Close out your first day at the conference by sharing a beer, glass of wine, or cocktail with your fellow treasurers on the Fourth Floor of the Princeton Club.

THURSDAY, MAY 31, 2018 Reception, Dinner and Dessert Start the evening with a cocktail reception at the Princeton Club followed by dinner and dessert. Relax, network and enjoy the evening with fellow treasurers! Hospitality Suite Compare notes or just unwind with your fellow treasurers on the Fourth Floor of the Princeton Club.

2018 NACT NATIONAL TREASURERS CONFERENCE 11 FEATURED SPEAKERS

Ioana Barza European sovereign debt and banking crisis, and was Citi’s Director of Analysis, lead economist for Germany (2013-15) and for Spain (in 2012). Thomson Reuters LPC Ebrahim holds a Master’s degree and PhD in Economics from London Business School and a BA (Hons) in Economics and As a Director of Analysis at Thomson Reuters Management from Oxford University (Balliol College). LPC, Ioana Barza writes and presents frequently on corporate credit markets with a special focus on loan capital markets to the banking, regulatory, corporate John Sileo borrower, institutional investor, and private equity communities. Chief Executive Officer, In addition, Ms. Barza conducts interviews with market leaders The Sileo Group for Reuters Insider. John Sileo’s identity was stolen and used Ms. Barza has been with Thomson Reuters LPC since 1999. to embezzle $300,000 from his clients. The She provides insight and analysis related to the global credit exposure destroyed John’s career and consumed two years markets and co-moderates roundtable discussions among of his life as he fought to stay out of jail. Combining real-world leading buyside and sell-side representatives focused in the experience with years of study, John became an award-winning U.S. on investment grade lending, leveraged finance, CLOs, author and leading expert on cyber security, identity theft and middle market lending, and the broader European loan market. data privacy. John is CEO of The Sileo Group, a data security Prior to joining Thomson Reuters LPC, Ms. Barza focused think tank that helps organizations protect the information that on environmental finance initiatives with the Environmental drives their profits. His body of work includes engagements Protection Agency’s (EPA) Office of International Activities. with the Pentagon, USA Today, Visa, 60 Minutes, Homeland She has also worked at the Overseas Private Investment Security, Rachael Ray, Schwab and organizations of all sizes. Corporation (OPIC) in Washington, DC, evaluating the economic John graduated with honors from Harvard University and and environmental impacts of proposed overseas investments. spends his free time with his remarkable wife and two highly Ms. Barza has a BA in environmental sciences and international spirited daughters. relations from Northwestern University and a graduate degree in economics from the George Washington University. Philip A. Baggaley Managing Director, Ebrahim Rahbari S&P Global Ratings Managing Director Philip A. Baggaley is a managing director in Corporate Ratings. Citigroup He is Sector Lead for U.S. transportation, autos, and defense; Ebrahim Rahbari is a Managing Director and and coordinator for the global transportation industry team. the Head of Global Macroeconomics within Philip has addressed numerous industry conferences on Citi Research, based in New York. Ebrahim’s mandate is to airlines and railroads, and has testified before the aviation shape Citi’s views on global economic developments, major subcommittees of the Senate and House of Representatives. policy issues, major events, significant themes and longer-term He joined the company in 1985 as a transportation bond trends, some of which include G10 monetary policy, global analyst, took over direction of the transportation team in 1990, growth, investment, financial conditions and crises. Ebrahim and had management responsibility for aerospace and defense oversees Citi’s flagship global economic outlook publication ratings from 1993 to 2014, before assuming his current role. and is also tasked with coordinating Citi’s views on global and Prior to joining S&P, Philip was a commercial banking officer advanced economy economics and the collaboration between with The First National Bank of Chicago and a lecturer in the Citi’s economists and strategists, as well as taking a leadership Yale University History Department. He holds a B.A. in history role in developing Citi Economics strategy for data analytics and international relations from the University of Pennsylvania, and in strengthening our relationship with external research and a Ph.D. in history from Yale University. He is a Chartered partners. Prior to his current role, Ebrahim was a senior global Financial Analyst. economist for Citi in New York and a Director of European and Global Economics in London, where he focused on economic developments in the Eurozone, including the ECB and the

12 CONFERENCE PROGRAM Brendin Cave interest rate indexes are determined. Mr. Deas is a member of Executive Director, U.S. Investment Grade Finance, the steering committee of the Coalition for Derivatives End- J.P. Morgan Users. He is a frequent speaker at investor conferences and professional forums. Brendin Cave is an Executive Director in J.P. Morgan’s Investment Grade Finance team and joined the group in 2007. In his current role at J.P. Morgan, he provides strategic capital raising advice Jeff Diorio and execution for debt and hybrid products for North American Director, banks, broker-dealers, asset managers, specialty finance and Treasury Strategies, a Division of Novantas, Inc. captive finance companies. Mr. Cave also advises J.P. Morgan As a Director at Treasury Strategies, Jeff works with corporate Chase & Co., one of the largest issuers in the global debt capital treasury departments, treasury technology vendors, as well markets, on its liquidity and capital needs. as financial institutions across a wide variety of complex Prior to joining J.P. Morgan, Mr. Cave was a credit analyst in the engagements in designing treasury and banking solutions Leverage Finance division at CIT Group Inc. Mr. Cave has a B.S. for today’s challenging liquidity and risk environment. Jeff from The Pennsylvania State University where he studied has more than 30 years of experience in both financial Finance and Economics. technology as well as global treasury operations that allow him to bring a strategic focus to this leadership role. Specialties include development of solutions, system selection and Thomas C. Deas, Jr. implementation, project management, hosting/ASP/Cloud Vice President & Treasurer, FMC Corporation, Retired, based solutions. Chairman of the NACT Board of Directors Jeff is currently a Director at Large on the board of the Treasury Thomas C. Deas, Jr. is the current Chairman of the National Management Association of New York. He has been a speaker Association of Corporate Treasurers (www.nact.org), having at the AFP National Conference, and numerous regional treasury also served a previous term as its Chairman from 2011 through and bank conferences. Jeff has a BS in Mathematics from 2013. From 2001 until his retirement in 2016, he served as Vice Northwestern University and is also a Certified Cash Manager. President and Treasurer of FMC Corporation (NYSE: FMC), with responsibility for the worldwide treasury function, including financing, treasury operations, pension investments and funding, Peter Frank and insurance and risk management. Prior to joining FMC, he US Leader, Financial and Treasury Management served as Vice President, Treasurer and CFO of Applied Tech PwC Products Corp., of Airgas, Inc. (NYSE: ARG) and of Maritrans Inc. Peter is a Principal in PwC’s Advisory line of service and (NYSE: TUG). Prior to these positions, Mr. Deas was employed for leads its Financial & Treasury Management Practice. Mr. Frank 18 years at Scott Paper Company (NYSE: SPP), where he served in has over 20 years experience in Finance, Treasury and Risk various capacities in finance and treasury. Management. His expertise includes financial management, Mr. Deas received a BS in Physics from the University of South corporate finance, treasury management, enterprise risk Carolina.Following service as a destroyer officer in the U.S. management, working capital management and financial Navy, he received an MBA from the Wharton School of the risk management. University of Pennsylvania. He is the past Chairman of the Prior to joining PricewaterhouseCoopers, Mr. Frank spent four International Group of Treasury Associations and is a director years in the Treasury function of Chevron Corporation, where of the University of South Carolina Educational Foundation and he was responsible for currency risk management, interest rate its Investment Policy Committee. He has served as a member risk management, investment strategy, and corporate analysis of the Financial Stability Board’s Market Participants’ Group and of business development opportunities. is a current representative to the Federal Reserve’s Alternative Reference Rates Committee. Both these efforts are charged Mr. Frank has an undergraduate degree from the University of to recommend changes concerning how LIBOR and other Pennsylvania and Masters degrees in Business and Engineering from the University of Michigan.

2018 NACT NATIONAL TREASURERS CONFERENCE 13 Craig D. Fraser Cathryn R. Gregg, CCM Managing Director, Managing Director, Fitch Ratings Treasury Strategies, a division of Novantas, Inc. Craig Fraser is a managing director in the U.S. corporate Ms. Gregg sets the group’s strategic direction and manages finance group at Fitch Ratings, where he leads the Industrials/ senior client relationships. Her guidance improves strategies Transportation team. The team covers a diverse group of and risk management operations for corporate treasury. She is sectors, including aerospace & defense, airlines/aircraft highly involved in advancing treasury technology applications finance, autos & auto parts, capital goods, diversified and has focused on payment systems and banking evolution manufacturing, engineering & construction, and transportation/ since founding Treasury Strategies in 1982. logistics. Ms. Gregg has been a vocal advocate for client interests Prior to joining Fitch in 2002, Craig was an equity research in regulatory matters, speaking to the U.S. Senate Banking analyst/associate at Morgan Stanley, where he worked in Committee regarding the Volcker Rule and authoring numerous several groups including the global aerospace and defense papers on the financial collapse, money fund regulations and team. He also previously worked in the corporate finance group the impact of regulatory change on U.S. liquidity markets. She at Bank of America. Before entering the financial industry, Craig has been a keynote speaker at the Federal Reserve Bank served as an officer in the United States Navy. of Chicago Payments Conference, NACHA, TAWPI, the AFP Craig holds a BS in economics from the University of National Conference, and numerous regional treasury and Pennsylvania (Wharton School) and an MBA in finance from bank conferences. Columbia University’s Graduate School of Business. Ms. Gregg received her MBA from the University of Chicago following a BA in Economics and Psychology from Kenyon College, where she has served on the Board of Trustees. She Allen Geller is a certified CCM, and has served on the advisory boards of a Executive Vice President & Treasurer, number of Treasury Strategies’ bank clients. She is also an avid Raines International, Inc. gardener and cook. With more than 40 years of executive search experience and specific expertise in the finance function, Allen Geller is the Head of Raines International’s Financial Officers Practice. Bjork Hupfeld Throughout his career, Allen has demonstrated a commitment Global Treasurer, to identifying progressive, accomplished leaders. He remains The Hershey Company dedicated to identifying upcoming talent and helping them to Bjork Hupfeld is Senior Director & Treasurer for The Hershey achieve the next steps in their careers. Company. In this position, Hupfeld is responsible for the During his tenure, Allen’s personal assignments have spanned management of Hershey’s worldwide liquidity resources, the United States, Canada, Mexico, the United Kingdom, Africa, formulating and implementing the appropriate capital and Asia, and include all areas of finance, with a focus on structure, managing the financial and foreign exchange risks Treasury roles, and general management. of the company and working with commercial and investment banks. Hupfeld has responsibility for the company’s risk and Allen received both his Bachelor of Arts degree in Political insurance function and the management of the company’s Science and History and his Master’s in Public Administration retirement assets and employee-defined contribution plans. from Long Island University. He serves on the Board of His responsibilities also include treasury and banking operating Directors of the National Association of Corporate Treasurers systems in support of our global businesses. and is the Co-Chair of the Staffing Committee for the Society of Human Resources, New York Chapter. He is an active member Hupfeld joined the company in 2008. Prior to joining Hershey, of the executive search community and is a frequent speaker he was Executive Director, Treasurer and Member of the at various conferences and professional seminars, including Managing Board of WestLB Bank Polska, Warsaw, Poland. FEI, NAAAHR, as well as MBA schools. He has been quoted in Before that, he worked for other financial institutions in a professional magazines including Treasury & Risk Magazine, variety of roles at multiple locations in the U.S. and Denmark. CFO Magazine and CFO.com, Crain’s New York, and Bloomberg News.

14 CONFERENCE PROGRAM Hupfeld holds bachelor’s degrees in accounting and economics Insurance, Finance, and Economics, and earned an MBA in Risk from Copenhagen Business School. He is Executive Vice Management from Loyola University Chicago in 2014. Laura President of the National Association of Corporate Treasurers, holds her CPCU and ARM designations, and is a board member Member of the Investment Advisory Council for Willis Towers of the Chicagoland RIMS Chapter. Watson’s Investment Services. Laura will be discussing how to maximize the value of your cyber insurance program, including: John Loftus • How to evaluate your company’s insurance coverage. Senior Vice President, • Leverage treasury’s role to assist with breach response Cyber Security & Privacy Risk preparation. Willis Towers Watson • Outline resources available to mitigate damages post-loss. John is one of Willis Towers Watson’s cyber leaders with responsibility over the Northeast & Mid-Atlantic regions. In • Questions to ask within your organization to understand and this role, he works closely with many of the firm’s largest provide solutions to your program’s current and future state. clients. He focuses on combining insurance and preventative risk management services to help corporations fully address Richard D. (Rich) Moore & mitigate cyber risk. As one of the firm’s cyber leaders, he Corporate Treasurer routinely speaks, presents and authors papers in the space. Caterpillar, Inc Additionally, he was recently named a winner of Business Insurance Magazine’s annual 40 Under 40 awards, which Rich Moore is Corporate Treasurer which he has held since recognizes outstanding performers positioned to become January, 2016. In this role, Rich leads a team of treasury the next generation of leaders in the insurance and risk professionals at the company headquarters in Illinois as well as at management field. Regional Treasury Centers in Switzerland and Singapore. Prior to becoming Treasurer, Rich was Director of Investor Relations. Prior to joining Willis, John worked as an Associate in Morgan Stanley’s Private Wealth Management Group. His Rich joined Caterpillar in 1987 as a Finance Analyst in Corporate team managed roughly $1 billion dollars for high-net worth Treasury. He has held a series of increasingly responsible individuals, foundations, and endowments. He began his roles in the company’s treasury and financial management career in 2005 as a financial analyst in Goldman Sachs’s Private areas at Caterpillar’s headquarters. From 1994 to 1998 served Wealth Management Group. internationally in the Latin America Division offices in Santiago, Chile and Sao Paulo, Brazil. John received a BA from St. Lawrence University, where he was a two-sport athlete, earning All-American honors in lacrosse. In 2001, Rich was named Sr. Funding Manager at Caterpillar He was named a USILA Scholar All-American as a senior. Financial Services Corporation located in Nashville, TN and in 2005 Rich became European Treasurer in Geneva, Switzerland. John also holds Series 7 & 66 licenses. Rich received a bachelor’s degree in Finance from Southern Illinois University and has an MBA from Bradley University. Laura Meade Insurance Programs Manager, Telephone and Data Systems (TDS) Warfield Price Managing Director, Laura Meade is the Insurance Programs Manager for Telephone J.P. Morgan and Data Systems (TDS), a telecommunications company based in Chicago, IL, and has been with the company since Warfield Price leads J.P. Morgan’s FIG and Retail Leveraged 2011. In her current position, her major responsibilities include Finance practices and is based in New York. Warfield is managing property, casualty, and executive liability insurance principally responsible for leveraged finance transactions in the programs and claims resolution enterprise-wide. Financial Services, Real Estate Finance and Retail Sectors. In Warfield joined J.P.Morgan in 1999 and has worked in several Prior to joining TDS, Laura worked at Marsh as an insurance other business areas including Leveraged Finance, Investment broker for four years, servicing global casualty and national Banking Coverage, and Restructuring Finance. brokerage clients. Laura graduated from Illinois State University’s Katie School of Insurance in 2007 with a B.A in Warfield joined J.P. Morgan in 1999 and graduated from Duke University with a Bachelor of Arts Degree, Magna Cum Laude in 1999 and is a CFA Charterholder.

2018 NACT NATIONAL TREASURERS CONFERENCE 15 John Puchalla Darrell Thomas Senior Vice President, Vice President and Treasurer, Moody’s Investors Service Harley-Davidson Financial Services, Inc. John Puchalla is a Senior Vice President in Moody’s Corporate Darrell Thomas is Vice President and Treasurer for Harley- Finance Group. John serves as a full-time Rating Committee Davidson, Inc. and the Chief Financial Officer of Harley- Chair, and leads research on defaults and liquidity. John has Davidson Financial Services, Inc., its wholly- owned finance covered a variety of corporate sectors at Moody’s including subsidiary. He is Chair of Harley-Davidson’s Retirement Plans consumer products, media and entertainment, broadcasting Committee and Finance Committee. He joined Harley-Davidson and cable, publishers and amusement parks. John originally in June 2010. joined Moody’s in 1997 as a member of the Economics Analysis Prior to joining Harley-Davidson, Thomas was with PepsiCo, Inc. group evaluating trends in global corporate credit quality and in Purchase, NY. During the almost seven years that he was at credit markets until transferring to the Corporate Finance PepsiCo, he served as its Vice President and Assistant Treasurer Group in 2002. (Jan. 2006 to May 2010), and Director Capital Markets (Nov. Prior to joining Moody’s, John held various positions at 2003 to Jan. 2006). During his tenure at PepsiCo, Thomas was and MNC Financial. John holds an M.B.A. in finance, economics responsible for a $5 billion cash investment portfolio and global and international business from New York University, a B.S. in debt portfolio of $25 billion and pension assets of $9 billion, finance from Penn State University, and is a CFA charter holder. which were spread across 6 countries. Prior to joining PepsiCo, he had fifteen years at Citicorp/Citibank where he held various capital markets and corporate finance roles. Grace Ries Staff Vice President-Manager, Thomas has an MBA in Finance from The Wharton School and Cyber Risk Insurance Products a BA degree in Economics from Tufts University. He has served FM Global on the Board of Directors of Big Brothers Big Sisters of Metro Milwaukee since 2011. He also serves on the United Way of Greater Based in the corporate office, Johnston RI, Grace Ries leads Milwaukee’s Investment Committee and he joined the Board of the the cyber risk insurance product team to ensure FM Global National Association of Corporate Treasurers in 2017. delivers market leading cyber products and services that are competitive advantage in this emerging market while achieving growth and profitability goals for the company. She Jeff Tilley joined FM Global as a consultant engineer in San Francisco Manager, Cyber Hazards Operations in 2007, then moved to Boston operations to FM Global be a special chemical risk engineer. She later worked as an Jeff Tilley is the manager of cyber hazards at FM Global and account engineer in Boston operations, handling a book of is based in the company’s New York operations office in business in the pharmaceutical, food manufacturing and aircraft Parsippany, New Jersey. manufacturing sectors. She then became an account manager in Chemical operations, providing global insurance services As the manager of the cyber hazards team, Jeff brings and consulting to clients in the chemical industry. She holds 15 years of engineering and underwriting experience to a Bachelor of Science degree in Chemical Engineering and lead the development and delivery of FM Global’s cyber Materials Science Engineering from University of California, engineering solutions. Davis. Grace is a mother to two daughters, 4 and 2. Jeff joined FM Global in 2003 as a consultant engineer and has worked as an account engineer, account manager, and most recently as manager of the New York operation’s account Douglas Schoch engineering department. VP Finance, Siemens Capital Company LLC – A Siemens Financial Services He holds a Bachelor of Science degree in aerospace Business engineering from the University of Virginia.

16 CONFERENCE PROGRAM Indirah Toovey Ramon Yi Executive Director, Senior Director, Treasury, J.P. Morgan Port of Houston Authority Ramon (“Ray”) Yi is Senior Director, Treasury, for the Port of Michael R. Williams Houston Authority, with primary responsibility for cash, debt Vice President and Treasurer and investment management, banking and rating agency Orbital ATK relationships, mitigating financial risk exposures, as well as oversight of pension and benefit finance issues. Mr. Williams currently serves as Vice President and Treasurer of Orbital ATK, a global leader in aerospace and defense Ray has over 40 years of finance, accounting, credit, and risk technologies. With annual revenues of approximately $4.6 management experience in a variety of industries, including billion and a workforce of 13,000 people, the company designs, the energy, healthcare and high tech sectors. He has served builds and delivers space, defense and aviation-related as Vice President and Treasurer of large multinational systems for customers around the globe, both as a prime corporations, including Transocean and Ensco, both oil and gas contractor and merchant supplier. In his role as Treasurer, Mr. drilling contractors, as well as Sunrise Medical and Fresenius Williams is responsible for Orbital ATK’s banking and capital Medical Care, both manufacturers of medical devices and markets activities, treasury management, risk management, equipment, and Symbios, a manufacturer of semiconductor derivatives, real estate and retirement plans investment chips. activities. Ray graduated cum laude from Harvard and earned an MBA Prior to joining Orbital ATK in 2001, Mr. Williams served as degree with honors from Boston University. He holds the Managing Director of Global Corporate and Investment Banking designation of Certified Cash Manager (“CCM”), and is a at Bank of America. Mr. Williams’ career in banking spanned member of the Board of Directors of the National Association 23 years with Bank of America and other leading financial of Corporate Treasurers, where he serves on the Executive institutions. During his banking career, Mr. Williams served in Committee and is the Immediate Past Chairman. numerous leadership roles related to corporate and investment banking activities. Mr. Williams received an MBA (with honors) from the University of Michigan and a BS in Business Administration from the University of Maryland. He currently serves as President of the National Association of Corporate Treasurers.

Robert Worthington Assistant Treasurer International Finance Robert Worthington has worked a number of years in the chemical industry in various financial roles including 15 years in corporate treasury at the former Rohm and Haas Company. He is currently employed at FMC Corporation serving as Assistant Treasurer International Finance. Mr. Worthington has a BS in Business Administration from LaSalle College and attended graduate school at Temple University. CORPORATE SPONSORS

The National Association of Corporate Treasurers gratefully acknowledges the following companies for providing corporate support to assist us in achieving greater education and communication among our members: BANK OF AMERICA MERRILL LYNCH Bank of America Merrill Lynch is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. The company provides, through various banking and broker-dealer affiliates, M&A advice, equity and debt capital raising solutions, lending, risk management, treasury, liquidity, and payments management. CAMBRIDGE ASSOCIATES Cambridge Associates is a leading global investment firm that has been pioneering portfolio management solutions for more than 40 years. We work with 1,100 pension plans, private clients, endowments, foundations, and other institutional investors around the globe to help build portfolios that maximize returns at the appropriate level of risk. We offer clients the level of support they require to best meet their investment objectives, from acting as a fully outsourced investment office to providing stand-alone access to our world-class manager research platform. Our dedicated pension practice serves more than 140 defined benefit and other retirement programs. Our team of 60+ pension professionals is committed to building customized portfolios that create the value each plan sponsor needs to realize specific plan goals. CAMBRIDGE GLOBAL PAYMENTS Cambridge Global Payments is a leading provider of integrated cross-border payment services and risk management solutions. As a trusted partner for close to 25 years, Cambridge delivers innovative solutions designed to mitigate foreign exchange exposure and address unique business needs. Our award-winning capabilities and industry-leading technologies simplify the way businesses connect with the global marketplace. As one of the largest bank-independent providers globally, we are flexible and responsive, with offices across North America, Europe, and Australia. Learn more at cambridgefx.com and follow us on Twitter and LinkedIn. CHATHAM FINANCIAL Chatham Financial provides solutions for managing interest rate, currency,and commodity risk. We partner with treasury and accounting using a different approach -combining our consulting, technology and operating capabilities to solve our clients’ specific challenges. We offer services such as strategic hedging program design, holistic hedge accounting, and ChathamDirect. DREXEL HAMILTON Drexel Hamilton, LLC is a service-disabled veteran-owned broker-dealer offering meaningful employment opportunities to disabled veterans. The firm provides public and private institutions with industry leading Capital Markets and Investment Banking services, ranging from Underwriting Equity and Fixed Income Securities to Corporate Share Repurchases and Mergers and Acquisitions Advisory. FITCH RATINGS Dedicated to providing value beyond the rating, Fitch Ratings is a leading provider of credit ratings, commentary and research. Fitch Group is a global leader in financial information services and is comprised of: Fitch Ratings, Fitch Solutions, Fitch Learning, and BMI Research. With dual headquarters in London and New York, Fitch Group is majority owned by Hearst. For additional information, please visit fitchratings.com. FM GLOBAL Established nearly two centuries ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management. Mitigating risk is the mark of resilient companies. And it's a big reason why more than one-third of Fortune 1000 companies choose to partner with FM Global. Learn more at fmglobal.com.

18 CONFERENCE PROGRAM MOODY’S INVESTORS SERVICE Moody's Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody's commitment and expertise contributes to transparent and integrated financial markets. The firm's ratings and analysis covers 135+ sovereign nations, 5,000 non-financial corporates, 4,000 financial institutions, 18,000 public finance issuers, 11,000 structured finance transactions, and 1,000 infrastructure and project finance issuers. Learn more at www.moodys.com. MORNINGSTAR CREDIT RATINGS Morningstar Credit Ratings is redefining the industry’s expectation of what a ratings agency should be. We provide issuers and investors with insightful analysis and informative opinions of credit risk. Our experienced credit ratings analysts cover corporates, financial institutions, REITs, CRTs, SFRs, and CLOs, as well as CMBS, RMBS, and ABS. MUFG MUFG is one of the world’s leading financial groups, headquartered in Tokyo with around 2,300 offices in 50 countries and more than 150,000 employees worldwide. MUFG Securities offers a comprehensive product suite to clients through five key business lines: capital markets, credit, rates, equities and structured products. RUSSELL INVESTMENTS In today’s challenging investment environment, many Treasurers are looking for more than just advice. For nearly 50 years, Russell Investments has created innovative solutions for defined benefit, defined contribution, and non-profit investors of all sizes. Challenges are part and parcel of a Treasurer’s job. We’re here to help. www. RussellInvestments.com/institutional. S&P GLOBAL RATINGS S&P Global Ratings, a division of S&P Global Inc. (NYSE: SPGI), is a leading provider of credit ratings. With more than 1.1 million credit ratings outstanding, approximately 1,400 credit analysts and a presence in 28 countries, we offer a unique combination of global coverage and local insight. Learn more at spglobal.com/ratings. SUNTRUST ROBINSON HUMPHREY SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of SunTrust Banks, Inc., providing comprehensive capital raising, strategic advisory, risk management, and investment solutions to corporate clients across the nation. It offers a complete array of solutions for companies across all industries, with in-depth industry expertise across eight core sectors. TREASURY STRATEGIES, A DIVISION OF NOVANTAS, INC., Treasury Strategies, a division of Novantas, Inc., creates superior value assisting corporations across a wide range of treasury challenges and treasury technology needs, focusing on: Assessment, Optimization and Implementation. We serve corporate treasurers, their financial services providers and technology providers for the complete 360° view of treasury. WILLIS TOWERS WATSON Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.

2018 NACT NATIONAL TREASURERS CONFERENCE 19 SAVE THE DATE 2018 NACT Fall Treasurers Conference November 14-15, 2018 Hyatt Regency O'Hare Rosemont, IL

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