MarkeTrends 2009 Rethinking the Fundamentals November 12, 2009—The Four Seasons—Boston, MA

7:00am Registration & Continental Breakfast

8:00am Conference Welcome Conference opening remarks and discussion of key conference themes presented by Bruce Fador, CEO, FRC.

8:30am Morning Keynote Address We are honored to be hosting J. Mark Iwry, Senior Advisor to the Secretary and Deputy Assistant Secretary for Retirement and Health Policy within the Obama Administration, who is spearheading the Obama administration’s retirement policy. Mr. Iwry will discuss the important legislative and regulatory changes that are happening in Washington and how these changes are expected to reshape retirement of the future.

9:30am Changing the Game: The Impact of Public Policy on the Industry Nearly 30 years ago, with little fanfare legislation, the 401k was authorized and sparked a radical change in the investment management industry. Now with potential government action squarely in the spotlight the impact could be even more dramatic. Public policy will reshape how the government helps subsidize individual’s retirement, the investment choices that both institutions and individuals can access, and how industry participants compensate their employees. This presentation will provide perspective on the key opportunities and challenges that Washington will present to the industry. Moderator: Lynette DeWitt, Director of Sub‐Advisory and Lifecycle Fund Research, FRC Panelists: Douglas O. Kant, SVP & Deputy General Counsel, Legal Department, FMR LLC Jessica R. Flores, Managing Director, Fiduciary Compliance Center John J. (Jamie) Kalamarides, SVP, Retirement Solutions, Prudential Retirement James E. Mahoney, Director of Public Policy, Bank of America Roy J. Ramthun, MSPH, President, HSA Consulting Services, LLC

10:30am Morning Networking Coffee Break

11:00am After the Fall: The Death of Modern Portfolio Management Theory? Is modern portfolio management theory dead? If so what is next? Leading thinkers in asset allocation will share their thoughts on how the portfolios of institutions and individuals are changing both in the near and long term. The panel will explore lessons from early innovators and the steps organizations need to take now to position themselves for the future.

Moderator: Maurice Leger, SVP, Director of Research, FRC Panelists: Ren Cheng, Senior Research Advisor, Fidelity Management & Research Company Bill Landes, Senior Managing Director, Gottex Fund Management Sam Stovall, Chief Investment Strategist, Standard & Poor's

12:00pm Luncheon Keynote: Asset Allocation in the “New Normal” A number of spirited asset allocation debates have emerged in wake of the market crisis that began late in 2008. FRC proudly welcomes Peng Chen, Ph.D., CFA, President, Ibbotson Associates, a Morningstar Company, to discuss Ibbotson’s views on the following issues impacting asset allocation:  Did Asset Allocation Fail in the Recent Market Crisis?  Converging Asset Class Correlations  Forecasting Bonds versus Stocks  Downside Risk–Fat Tails and Asset Allocation  Applied Concepts in Ibbotson Asset Allocation, Fund Selection, and Portfolio Construction

1:30pm Charting a Course for Growth: FRC’s 2009 Industry Outlook FRC subject matter experts reveal emerging trends in the areas of Guarantees, Lifecycle Funds, Rollover Markets, and Mutual Funds as well as perspectives from financial advisors that are likely unforeseen by most financial services professionals today. Panelists: Scott DeMonte, Director of Guaranteed Income Products and Insurance Research, FRC Lynette DeWitt, Director of Sub‐Advisory and Lifecycle Fund Research, FRC Luis Fleites, VP, Director of Retirement Markets Research, FRC Maurice Leger, SVP, Director of Research, FRC Margaret Rorick, SVP, Market Research Director, FRC

2:30pm Afternoon Networking Coffee Break

2:45pm State of the Financial Advisor As the economy begins to show signs of recovery, financial advisors are readying their client portfolios to jump back in. The significant holdings in cash and equivalents will be moving back into the markets, and for asset managers it will be critical to be well positioned in the forefront of advisors’ minds for investment. FRC will share the results of two studies in the three part ADVISOR INSIGHT series that detail how advisors make investment selections, what investments they are preparing to make in the next 12 months and what they respond to most from marketing and support efforts. The presentation will also explore how brand messages are differentiating firms and if they are truly impacting an advisor’s decision‐making. To explore how the new dynamics of today’s marketplace is playing out at the point of purchase, FRC has invited several thought leaders in the advisory space to discuss how they see the recovery unfolding. Moderator: Margaret Rorick, SVP, Market Research Director, FRC Panelists: Bill Carey, Head of Distribution, Oppenheimer Douglas C. Mangini, Managing Director, COO MS Retail & Intermediary, Morgan Stanley Investment Management Michael J. Di Girolamo, SVP, Managing Director, Investment Advisor Division, Raymond James Financial Services Chuck Widger, CEO, Brinker Capital, Chairman of MMI

3:45pm Understanding the Mind of the Consumer Understanding the consumer and the changing retirement paradigm from a traditional retirement to a non‐traditional retirement are necessary components to successfully addressing consumers retirement planning and income needs. This session will explore how Baby Boomers and Silent Generation retirees are preparing for and living in retirement by providing a demographic, financial, behavioral, and attitudinal analysis of these generations. A special emphasis will be placed on the consumer impact of the 2008/2009 economic and market crash and how this recession has highlighted the need for financial services firms to understand the emerging non‐traditional retirement model. Moderator: Luis Fleites, VP, Director of Retirement Markets Research, FRC Panelists: Richard (Mac) Hisey, President, AARP Financial Inc. Dr. Greg Salsbury, EVP, Jackson National Life Distributors, LLC 4:45pm Closing Remarks from Bruce Fador Summary of highlights from the day. 5:00pm Networking Cocktail Reception