Break Out Session / Meeting Rooms Open

Yorkville Advisors

Is the world downshifting into a Double Dip?
Global economies are decelerating toward the tipping point of renewed recession. In Europe, the EU faces a critical moment of truth as EU unity is being tested by ever larger bail out payments from the Core to the Periphery.
Volatility in capital markets is once again surging toward record levels, as surging costs for Credit Default insurance on Financial Institutions around the world indicates rising default risk.
Will the second half of 2011 bear witness to more and escalating financial contagion, or are capital markets about to exit the summer storm and head for calmer seas.
In this session, hear an overview of all current trends and outlook, with focus on key global macro dynamics and a review of major capital markets along with other critical variables which must be monitored in the challenging weeks ahead.

Speaker:
Sierra Investment Management

Panelist:
HUB INTERNATIONAL
WITHERS BERGMAN
CHARTIS INSURANCE
Okabena Company (MFO)

Sponsored by:
Sierra Investment Management

• Liquidity – how important and does illiquid assets automatically mean better returns
• Safety – preservation vs. growth
• Manager selection – importance and methodology
• Investment categories
• Allocation
• Volatility and its impact on return
• Transparency
• Family values and their effect on the strategy (i.e. socially responsible investing)
• The effect of world and economic events.

Moderator:
Galaxy Family Resources, LLC

Panelists:
Schultze Asset Management
Yorkville Advisors
BTS Asset Management
StoneCastle Partners, LLC

• Best Practices in Due Diligence & Manager Selection
• Quantitative & Qualitative Due Diligence Procedures
• Alpha-Beta Separation: Measuring "True" Alpha
• Manager Disintermediation Techniques
• Performance Modeling & Evaluation

Moderator:
SANTA CLARA UNIVERSITY

Panelists:
RogersCasey
Spouting Rock Consulting
Centerwood Partners, LLC
Sands Capital Management

Sponsored by:

• What specific strategy do you employ in high yield?
• What are the current factors weighing on this sector, and how do they specifically affect your investment strategy?
• What is your forecast for the next 6-12 months?
• What would you be looking for to change that forecast?
• What is your view on the default rate over the next 2-3 years?
• What is your view on recoverables over the same period?
• Are there systemic anomalies in the High Yield space?
• Do you have a view on the Eurozone debt crisis?
• How does the Eurozone affect your investment view?
• Do emerging economies impact your strategy?
• How does the current regulatory environment affect your investment view?
• Are there any specific pockets of the HY space that you believe offer extraordinary value?
• How do you arrive at that conclusion?
• Are there any biases you have in terms of duration?
• What drives those biases?
• What opportunities lie ahead in credit

Moderator:
IDCO Enterprises Ltd. (MFO)

Panelists:
Premium Point Investments
Briefing Research
MidOcean Partners
ING Investment Management

In a world of highly correlated, volatile markets governed by ever changing headlines, how should family offices seek to allocate multi generational portfolios for stability and growth? Hear from industry experts on what they are advising to stay ahead of the curve and ride out the bumps.

Moderator:
Pathstone Family Office (MFO)

Sponsored by:

• Navigating through choices in equity investing
• Role of regulations in choosing investments
• Impact of inflation (and deflation) on investment selection
• Is decoupling real?
• Shall we forget Eurozone for a while?
• Should we overweight Emerging markets?
• If we can't get traditional levels of return can we get current income? Stocks paying high dividends?
• In-favor and Out-of favor strategies
• Performance impact of Active Share

Moderator:
SVRT Corp. (MFO)

Panelists:
Grand Slam Asset Management
Wentworth, Hauser & Violich
Steinberg Asset Management

• $10 million Lifetime Exemption – use it or lose it?
• Estate Freeze Techniques – make hay while the sun is still shining!
• Valuation Discounts – Recent taxpayer wins and losses
• Private Trust Company – The perfect answer to Frank-Dodd registration requirements on Single Family Offices?

Moderator:
Pathstone Family Office (MFO)

Panelists:
HANDLER THAYER, LLP
Duncan Associates, Attorneys and Counselors, P.C.
Business Valuations, Ltd.

Sponsored by:
Yorkville Advisors

Beverage Sponsor:

This private, closed-door session will be organized for foundations, family offices, multi-family offices, and accredited high-net worth individuals to address issues these organizations/individuals endure day-to-day. Two Advisory Committee members will lead the panel in discussions on areas of specific concern.
No managers will be allowed in the session, no exceptions.

"Risk Management in Equity Portfolios, Do Style Boxes Make Sense?"

• The role real assets play in portfolio construction and how they correlate to other asset classes
• How should investors view real assets - are they primarily an inflation hedge, a total return investment, or both?
• What are the options in investing in real assets and how do investors access them?
• Given the volatility and cyclicality in commodities, real estate, and other real assets, what are the trade offs and liquidity considerations investors should be thinking about?
• In today's market, what is the outlook for the various real asset classes and where should we be investing right now?

Moderator:
Convergent Wealth Advisors (MFO)

Panelists:
American Infrastructure MLP Funds
Kipling Capital
Varro Hospitality, LLC
CENTER COAST

• Why invest in US real estate now?
• With subdued forecast growth in GDP - what will drive demand for real estate across all (any) property types?
• Are there property types that appear more appealing than others? Why?
• Seems like the capital markets have recovered, lenders and back, CMB is on its way back, but the fundamentals (i.e., rent, occupancy) are lagging. Does this seem like a disconnect?
• How are the public markets priced relative to private markets? What opportunities do you believe this creates?
• With interest rates so low, and cap rates correspondingly low, how do you mitigate terminal value exit risk when underwriting real estate today.
• Can you describe the characteristics of what you think is an attractive deal today
• Is core real estate in major coastal markets overpriced? – I keep reading about 4-5% cap rate deals in major markets; is this a big bet on rent growth to generate attractive returns? Are the risks underestimated?
• What are the risks of a "double dip", what do you see as the risks to owning real estate in a double dip scenario?
• Managers family office clients are invested are really busy on the acquisitions front, is the wall of maturities of '11/'12 and extended deals from '09/'10 – finally here?
• Are there opportunities outside of the US that are more appealing than those available in the US?

Moderator:
Sentinel Trust Company (MFO)

Panelists:
UNITRUST MORTGAGE, INC.
Pathfinder Partners
Pacificor, LLC
Praxis Capital

• True diversification – How do we achieve it?
• Do managed futures deliver a homogenous, trend-following beta?
• What do alternatives to managed futures, such as commodity indices and replicators, offer?
• When exogenous events occur, how do managed futures, commodity indices, and replicators react?
• Ultimately, what are the drivers of return for managed futures, commodity indices, and replicators?

Moderator:
Welton Investment Corporation

Panelists:
Aspen Partners, Ltd.
Sunrise Capital Partners LLC
Shinnecock Partners
LJM Partners Ltd.

• Hedge Fund is just a structure (limited partnership) so why do we keep calling it a strategy? The strategies (long/short, event driven, systematic, restricted opportunity set, credit, global macro, foreign exchange and rates, etc. etc.), return streams, and relative risks are extremely different so why do we keep having panels on "Hedge Funds"?
• What hedge fund strategies do you like?
• What benefit does hedging provide to a family office over a 5-10 year timeframe? Do the costs outweigh the benefits of smoothing volatility? Can they beat the top long-only managers?
• Why invest in big hedge funds?
• What are the long-term prospects for the fund of funds business?
• What should family offices focus on when evaluating and comparing non long-only strategies?
• Is there performance persistence or is the competition w/in the space eroding opportunity?

Moderator:
Osborne Siegel Private Family Office (SFO)

• Culture
• Human Resources
• Conflicts
• Fee Structure
• Investment Philosophy
• Asset Allocation and Portfolio Construction
• Manager Research
• Benchmark Reporting
• Services

Moderator:
VERITABLE, LP (MFO)

Panelists:
Canterbury consulting
Meketa Investment Group
Wilshire Associates
GrAystone Consulting
Point Advisors (SFO)

• What is an Emerging Market - does China still qualify?
• Corporate Governance and Financial System health and transparency
• Misconceptions about investing in EM (growth versus yield)
• Outlook for Investing in EM relative to DM and Frontier Markets.
• Threats to investing in EM (Chinese banking system, political hot spots, demographics)
• Competitive advantages EM nations have over DM (central control?)
• Investing techniques - long only versus hedge, equities versus bonds

Moderator:
JoycePayne Partners (MFO)

Panelists:
Matthews Asia
TCW
CitiFX
PIMCO

• Finding the sweet spot of risk & reward
• Managing illiquidity
• Assessing the correlations with traditional asset classes
• Choosing Domestic vs. International; Developed vs. Developing
• Determining how much Private Equity is sufficient
• Investing with Funds of Funds or with Direct LPs
• Private Equity Opportunities in Distressed Real Estate

Moderator:
GenSpring Family Offices (MFO)

• Which cities in the USA will harbour similar opportunities for example.
• In light of global demand for resources, Energy an opportunity or a strategic necessity?
• Will these opportunities be fully transparent marketable investments, private ventures or long term public private infrastructure projects?
• Are the opportunities strictly Venture Finance, Family Office Debt, Angel Equity, Private Equity or co-investment opportunities between large corporate users of global energy and the public sector.
• Are we able to adequately address Risk Management Issues within the scenarios to be discussed?
• With Coal Oil and Natural Gas as base line sources of energy, how will we see the following sources stack against one another on both ease of production and distribution to achieve scalability?
• Renewable /Carbon Markets/ Storage/ Optimized Intelligence for Consumption and distribution/ WATER, rights, purity.
• Are we able to stack the spark values of each energy source?
• How should our Environmental Law change from a 100 year old energy strategy for the next 100 years?
• With the internet contributing a critical percentage to commerce and education is the medium also limited resource.
• Shall we consider Planning and Permitting Renewable Energy in the Desert?
• Federal and State Incentives
• Financing Alternatives and Capital Structures
• M&A and Other Exit Strategies
• Capital Markets for Renewable and Utility-Scale Transactions
• Soft Equity Opportunities through DOE Loan Guarantees; Complimentary Technologies
• Possible New Markets Tax Credits Public and Private Partnerships Financing and Project Legal Structures Tax Credits, Grants and Other Incentives

Moderator:
Raire Family Office (SFO)

Sponsored by:
American Infrastructure MLP Funds

This private, closed-door session will be organized for foundations, family offices, multi-family offices, and accredited high-net worth individuals to address issues these organizations/individuals endure day-to-day. Two Advisory Committee members will lead the panel in discussions on areas of specific concern.
No managers will be allowed in the session, no exceptions.

Facilitators:
GRAYMATTER STRATEGIES, LLC
Mack International, LLC

• The consummate portfolio of family wealth and the soft issues of risk
• The devastating risks of ignoring authentic assets
• Setting up data points for monitoring potential portfolio risks
• Performance measurement and assessing risk
• Managing liquidity and risk
• The importance of Qualitative and Quantitative manager Due Diligence
• Transitional Management Risk

Moderator:
Ascent Family Group LLC (SFO)

Panelists:
Mercer Sentinel Group
Tradex Global Advisors
The Wealth & Family Management Group

• Resource Management
• Entity Structure and Tax Planning
• Family Governing Structure

Moderator:
U.S. Advisory Group (MFO)

Panelists:
WEALTHAVEN
Saybrook University
Gallatin Wealth Management, LLC

• From reactive giving to strategic philanthropy
• The Buffett-Gates Giving Pledge: What is the impact?
• Latest thinking on entities: Foundations, Donor-Advised Funds, and Other Options
• How advisors can add value
• Involving the next generation

Moderator:
Aston Pearl

Panelists:
C.M. Capital Corporation (MFO)
Rockefeller Philanthropy Advisors
Askari Group, LLC (SFO)
The Wealth & Family Management Group