CONFERENCE. Hosted by. Wednesday, May 30 th 7:30 am 6:00 pm

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1 8 th Annual MADISON INVESTMENT CONFERENCE Wednesday, May 30 th 7:30 am 6:00 pm The Monona Terrace One John Nolen Drive Madison, WI Pre-Conference Cocktail Reception Tuesday, May 29 th 5:30 7:00 pm Madison Club Hosted by FEATURED SPEAKERS: Erin Lyons - CreditSights Ben Inker, CFA GMO Dirk Hofschire, CFA Fidelity Investments Pablo Goldberg - BlackRock David Muller - Ashmore James Upton Morgan Stanley Kenneth West, Ph.D. University of Wisconsin-Madison Jim Paulsen, Ph.D. The Leuthold Group

2 2018 Madison Investment Conference Agenda Tuesday, May 29, :30 7:00 pm Hosted Cocktail Reception The Madison Club 5 East Wilson St, Madison WI Wednesday, May 30, :30 8:15 am Registration and Breakfast 8:15 8:30 am Welcome Message and Conference Overview Mark Ready, Ph.D., Wisconsin School of Business 8:30 9:30 am US Credit Strategy Erin Lyons, US Credit Strategies, CreditSights 9:30 10:30 am Two Unrelated Talks: Back to Basics & Current Outlook in Asset Allocation Ben Inker, CFA, Head of Asset Allocation Team, GMO 10:30 10:45 am Break / Networking Opportunity 10:45 11:45 am Tax Reform: The Implications for Investors Dirk Hofschire, CFA, Senior VP, Asset Allocation Research, Fidelity Investments 11:45 12:45 pm Lunch / Networking Opportunity 12:45 2:15 pm Emerging Market Outlook Pablo Goldberg, Managing Director Head of Research and Portfolio Manager, Emerging Market Debt, BlackRock David Muller, Portfolio Manager, Ashmore James Upton, Senior Portfolio Specialist & Chief Strategic Officer, Morgan Stanley 2:15 2:30 pm Break / Networking Opportunity 2:30 3:30 pm Equilibrium Real Rates Kenneth West, Ph.D., John D. MacArthur & Ragnar Frisch Professor of Economics, University of Wisconsin-Madison 3:30 3:45 pm Break / Networking Opportunity 3:45 4:50 pm Economic and Financial Market Outlook Jim Paulsen, Ph.D., Chief Investment Strategist, The Leuthold Group 4:50 6:00 pm Wrap-Up & Concluding Thoughts / Hosted Cocktail Reception

3 Registration Information SPONSORED BY: CFA Society Madison, Wisconsin School of Business and the State of Wisconsin Investment Board are proud to once again co-host the Madison Investment Conference to be held on Wednesday, May 30 th at the beautiful Monona Terrace on the banks of Lake Monona. As always, our goal is to bring together institutional and private wealth investors, pension fund professionals, leading academics, and investment consultants who will benefit by attending to discuss the important issues of today. This year's conference features an array of experts from all over the globe and across the broader asset classes. Our speakers will provide their current thinking on the Fed and rising interest rates, implications for US tax reform, and strategies to position Equity and Fixed Income portfolios for uncertain times. Finally, an Emerging Markets panel will feature three experts offering perspective on the future of fast growing overseas markets. Registration Fees: CFA Society Member - $175 (Limited Early Bird Registration $125) General Conference - $250 (Limited Early Bird Registration $200) Speaker Slides: $20 per printed book Note: If you don t purchase a paper copy, the slides will be available online prior to the conference To Register: Visit our online registration. Registration will close on Friday, May 25 th 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. Continuing Education (CE): This conference qualifies for 6.5 CE credit hours under the guidelines of the CFA Institute CE Program. NOTE: Bring your tablet or laptop all materials will be distribute online prior to the conference.

4 2018 Madison Investment Conference Speakers Biographies Erin Lyons Erin is the US Credit Strategist and in this capacity she writes on fundamental themes and provides trade ideas in the investment grade space. She joined CreditSights in 2014 as a member of the TMT team, focusing her research on technology companies, and has recently moved to the strategy role to leverage her experience as a publishing strategist at Citigroup. Erin has more than 16 years of experience in the credit markets, having worked at Citi before joining CreditSights. Prior to working at Citi, Erin was a portfolio manager at Brigadier Capital Management, a long / short credit hedge fund. In addition, she covered the high yield technology sector at both JPMorgan and Deutsche Bank. Erin graduated from the Wharton School at the University of Pennsylvania with a Bachelor of Science in Economics in Ben Inker, CFA Benjamin Inker is head of GMO s Asset Allocation team and a member of the GMO Board of Directors. He joined GMO in 1992 following the completion of his B.A. in Economics from Yale University. In his years at GMO, Mr. Inker has served as an analyst for the Quantitative Equity and Asset Allocation teams, as a portfolio manager of several equity and asset allocation portfolios, as cohead of International Quantitative Equities, and as CIO of Quantitative Developed Equities. Dirk Hofschire, CFA Dirk Hofschire is senior vice president of asset allocation research in the Global Asset Allocation (GAA) group at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. In this role, Mr. Hofschire is a member of the Asset Allocation Research Team (AART), which conducts economic, fundamental, and quantitative research to develop asset allocation recommendations for Fidelity s portfolio managers and investment teams. AART is responsible for analyzing and synthesizing investment perspectives across Fidelity s asset management unit to generate insights on macroeconomic and financial market trends and their implications for asset allocation. Previously with Fidelity Investments, Mr. Hofschire most recently led the Market Analysis, Research and Education (MARE) group within Fidelity Management & Research Company (FMR Co.), which he created in 2005 to provide timely updates on trends in the economy and financial markets. He joined Fidelity in 2000 as a senior portfolio analyst. Prior to joining Fidelity, Mr. Hofschire was a Foreign Service Officer with the U.S. Department of State. He served in many different roles including financial economist for the Bureau of Western Hemisphere Affairs; economic and commercial officer at the U.S. Embassy in La Paz, Bolivia; and consular officer at the U.S. Embassy in San Jose, Costa Rica. Mr. Hofschire received a bachelor of science degree in foreign service from Georgetown University and his MBA from Johns Hopkins University. He is a graduate of the Economic and Commercial Studies Program from the National Foreign Affairs Training Center in Arlington, Virginia and is a CFA charterholder. Pablo Goldberg Pablo Goldberg, Managing Director, is Head of Research and Portfolio Manager for BlackRock's Emerging Market Debt Team. Mr. Goldberg's responsibilities include formulating alpha generating research, developing investment strategies and a voting member of the team's investment committee. Based in New York, Mr. Goldberg also has a particular focus on engaging with the Americas-based clients and growing the firms' Emerging Market Fixed Income business in the US and rest of the Americas. Mr. Goldberg joins BlackRock from HSBC, where since 2010 he was Managing Director and Global Head of Emerging Markets Research. He was responsible for HSBC's view on the emerging markets, risk analysis and portfolio allocation. Prior to joining HSBC, he was Global Head of Emerging Market Debt Strategy, and Chief Economist for Latin America at Merrill Lynch & Co, a position he held for eight years. Mr. Goldberg brings 20 years of experience focusing on the emerging markets. Mr. Goldberg graduated in 1996 with an MSc in economics from the London School of Economics and in 1993 with a Master's Degree in economics from Instituto Di Tella in Argentina.

5 David Muller David Muller, Portfolio Manager, joined Ashmore in April Prior to joining Ashmore, he was Director of Business Development at The Rohatyn Group, marketing emerging market alternative products to, and supporting institutional clients in, North America. His prior experience includes Morgan Stanley Investment Management, Fisher Francis Trees & Watts, Alecta Investment Management and JP Morgan Investment Management. David received a BA in International Relations from Brown University, a Masters of European Law from the Europa Institut/Universitaet des Saarlandes in Saarbruecken, Germany, and an MBA from the University of Chicago Graduate School of Business. He is licensed as a Series 7 and Series 63 Registered Representative. James Upton James is a senior portfolio specialist and chief strategic officer for the Global Emerging Markets Equity team. He re-joined Morgan Stanley in 2006 and has 24 years of investment experience. Prior to re-joining the firm, James was a senior investment strategist at Northern Trust Global Investments. Previously, he was the Latin America equity strategist and later a global equity strategist at Credit Suisse First Boston. He began his investment career as an international economist at Merrill Lynch and spent nearly two years as a sovereign risk analyst at Morgan Stanley. Before graduate school, he was a reporter in Mexico City with United Press International. James received a B.A. in history from Middlebury College and an M.A. in economics and U.S. foreign policy from the School of Advanced International Studies (SAIS) of Johns Hopkins University. Kenneth West, Ph.D. Kenneth West is the John D. MacArthur and Ragnar Frisch Professor of Economics at the University of Wisconsin- Madison. West received a B.A. in Economics and Mathematics from Wesleyan University in 1973 and a Ph.D. in Economics from the Massachusetts Institute of Technology in He taught at Princeton University from 1983 to 1988 before coming to the University of Wisconsin in He has held Visiting Scholar positions at several central banks and at several branches of the U.S. Federal Reserve System. West is currently co-editor of the Journal of Money, Credit and Banking, and has previously served as co-editor of the American Economic Review. He has published widely in the fields of macroeconomics, finance, international economics and econometrics. Administrative positions include two terms as Chair of the Economics Department at the University of Wisconsin-Madison. Honors include the John M. Stauffer National Fellowship in Public Policy at the Hoover Institution, Alfred P. Sloan Research Fellowship, Fellow of the Econometric Society, and Abe Fellowship. Jim Paulsen, Ph.D. Jim is Chief Investment Strategist of The Leuthold Group, LLC. He is a member of the investment committee, authors market and economic commentary, and works with the Leuthold investment team in serving institutional, financial advisor, and investment professional clients. He will continue writing his long-running newsletter which will be published and distributed alongside our premier monthly research product, Perception for the Professional. Paulsen has been an investment industry professional since 1983, most recently as Chief Investment Strategist at Wells Capital Management where he worked for 20 years. Prior to that, Jim was the senior managing director and Chief Investment Strategist for Investors Management Group in Des Moines, Iowa. He also served as president of SCI Capital Management in Cedar Rapids, Iowa. For more than 30 years, Jim has published commentary assessing economic and market trends. He is nationally recognized for his views on the economy, frequently appears on CNBC and Bloomberg TV, and is invited to speaking engagements across the country. He has been named a top economic forecaster by Business Week, and Money Magazine called his newsletter one of 101 Things Every Investor Should Know. Jim earned a Bachelor degree and Doctoral degree in Economics from Iowa State University.