A p r i l 2 5 - 2 8, 2 0 0 7 F o u r S e a s o n s H o t e l A u s t i n , T e x a s

2007 Annual Conference

Discovering New Frontiers

Discovering New Frontiers

The Investment Counsel Association of America – renamed as the Investment Adviser Association in2004 – was established during the summer of 1937. At the time, the New York Herald Tribune notedthat the formation of the industry association was related directly to the push by the SEC for legislation toregulate the “largest field directly associated with the securities business not regulated now by the Federalgovernment” (the SEC itself was a new agency that had opened for business in 1934, with ChairmanJoseph Kennedy at the helm). The newspaper reported that assets managed by the “youthful” investmentadvisory profession totaled about $3 billion.

To say the least, a few things have changed since 1937. Today, the investment advisory profession is amajor component of the financial services industry and the world economy, ranging from large globalenterprises to thousands of small businesses that employ a wide spectrum of investment strategies, services,and products. As the investment advisory business has matured, the membership of the IAA has grownfrom a handful of businesses to about 500 SEC-registered advisory firms that collectively manage in excessof $7 trillion for a diverse group of individual and institutional clients.

Despite the dramatic changes that have taken place during the last seven decades, we are convinced thatwe continue to share core characteristics, challenges, and opportunities for success. These shared interestsrepresent the foundation of the IAA and support its central mission to represent the investment advisoryprofession and to promote high standards of integrity, public responsibility, and competence.

This year’s conference will bring together leaders in our industry and serve as a forum for discoveringmatters of mutual concern. We are particularly pleased that you have allowed us to share a small slice ofthe great State of Texas with you and we trust that you will not hesitate to contact us if we may be of anyassistance to you during your stay in Austin.

2007 Annual Conference Planning Committee

Catherine P. Crain, CFA Fayez Sarofim & CompanyJ. Philip Ferguson, Esq. AIM Capital Management Inc.Jack R. Hamilton, CFA, CIC Davis Hamilton Jackson & AssociatesI. Craig Hester, CFA, CIC Hester Capital Management, L.L.C.J. Luther King, Jr., CFA, CIC Luther King Capital ManagementLee A. Lahourcade, CFA, CIC Vaughan Nelson Investment ManagementTerry McDaniel, CFA Terry McDaniel & CompanyPat H. Swanson, CFA, CIC King Investment Advisors, Inc.

Discovery consists of seeing what everybody has seen and thinking what nobody has thought. Albert Szent-Gyorgyi (1893 - 1986)

About Austin

Named after Stephen F. Austin – the Father of Texas – this eclectic capital city combines down-homecharm with bustling vitality. Austin boasts an impressive resume: third best place to live in the U.S., thesecond-fastest growing city in the U.S., and the nation’s best-read city. Austin is also called the “LiveMusic Capital of the World.” As for dining, Austin is said to have more restaurants per capita than anyother U.S. city. Dubbed “The Silicon Hills,” Austin is a high-tech mecca thanks to leading companiesincluding Dell Computer, IBM, and Motorola. The city is also home to the University of Texas.

Four Seasons Hotel, Austin

On the green banks of Town Lake, Four Seasons creates garden tran-quility near the heart of the capital and Austin’s renowned entertain-ment district. Enjoy legendaryhospitality, Texas-inspired dining,lakeside fitness, spacious quarters,and Hill Country style.

Thursday Night - One World Theatre

One World began in 1993 as an education outreach program through which performances and programswere designed to enrich students’ experiences of the arts and expand their knowledge of various world cul-tures. That part of the organization, Touring One World, has grown to over 300 performances and work-shops each school year, reaching over 50,000 students in grades K -12. From that base, One World Theatre came into being in thesummer of 1999. Technologically advanced and “green-built,” thetheatre is nestled in the hills of West Austin. Resembling a Tuscanvilla and described “as unique as the artist...presented,” OWT hasbecome known as a premiere forum showcasing an eclectic mix ofworld-renowned performers...and a place where magic happens.Virtuosos such as Herbie Hancock, Alvin Ailey American DanceTheater, McCoy Tyner, George Benson, Sergio Mendes, Stars ofAmerican Ballet Theater, Branford Marsalis, Cowboy Junkies,Moscow Chamber Orchestra, Pat Metheny, Little Feat, MercedesSosa, America, Orpheus Chamber Orchestra and many others haveperformed at this world-class facility.

Spouse/Guest Program

On Thursday, come explore the Governor’s Mansion.Built around 1856, this Greek Revival mansion is listedon the National Register of Historic Places, and hasserved as home to Texas governors since its construc-tion. It boasts 29-foot fluted columns with Greek ioniccapitals along its roof line, and its interior is filled withpriceless antiques and works of art. The docent-leadtour offers an “extremely entertaining” behind-the-scenes look at the history of Texas politics. Followingthe tour, you will enjoy lunch with First Lady AnitaPerry (INVITED).

On Friday, start your day off with a private yoga classtaught by one of the Four Seasons Spa’s certified yogainstructors. A continental breakfast follows, then feelfree to explore the many attractions of Austin on your own.

Saturday Outing

Before leaving Austin, join a special IAA field trip to theLady Bird Johnson Wildflower Center. Part of theUniversity of Texas at Austin, this unique venue is known asone of North America’s most beautiful gardens. The 279-acre Texas Hill Country site celebrates the legacy of LadyBird Johnson and the native plants of Texas. As we visit thelovely formal gardens and natural areas, our docent-guidedtour will include information on the history and mission ofthe Wildflower Center, discussion of Lady Bird Johnson’slegacy, the importance of native plants, the Center’s archi-tecture, rainwatercollection system,and the natural

history of the Central Texas Hill Country. After the tour, enjoya luncheon at the Center with a performance by the Universityof Texas’ Gospel Choir.

Wednesday, April 25, 2007

1:30 – 5:45 p.m. Succession Planning Workshop (OPTIONAL)Four Seasons Austin

1:30 – 2:30 p.m. Incentive Alignment and Long-Term Success

This panel will discuss the linkage between how investment management firms compensate their profes-sionals and their business success. The panel will explore the results of a study by Casey, Quirk &Associates LLC and McLagan Partners.

n How does long-term incentive alignment drive profitability?n What are the organizational benefits of long-term incentives (and risks of not pursuing them)?n Importance of incentive alignments from an owner’s perspective.

David J. Bauer, Managing Director, Casey Quirk & Associates Nathaniel Dalton, Executive Vice President, Affiliated Managers GroupDavid D. Silvera, Managing Director, Rosemont Partners LLC

2:30 – 2:45 p.m. Networking Break

2:45 – 4:15 p.m. Case Studies

This panel will feature presentations from a variety of investment management firms that have consideredand implemented a variety of succession planning approaches:

n What are real-life specific approaches that various firms have pursued in seeking long-term continuity and success?

n What are the lessons learned from these various approaches?n What are the relative advantages and disadvantages of considering a third-party transaction rather

than an internal process for ownership transition?

Richard Adler, President, Convergent Capital Management, ModeratorStuart D. Bilton, CFA, Chairman and CEO, Aston Asset ManagementDavid G. DeVoe, Director of Mergers and Acquisitions, Schwab InstitutionalRobert E. Garrison, CFA, President, SMH Capital Advisors, Inc.Kevin T. Hamilton, CFA, President, Rice Hall James & AssociatesS. Timothy Kochis, CFP, Chief Executive Officer, Kochis FitzLinda Davis Taylor, President, Philip V. Swan Associates, LLC

4:15 – 4:30 p.m. Networking Break

4:30 – 5:45 p.m. Valuation and Other Key Issues

This panel will focus on various issues that relate to valuation of an investment management firm:

n What is the methodology used to value an investment management firm?n What specific factors influence valuation?n What are the reasons for an investment management firm to value itself?n What is the current market environment for investment management firms?n In the event of a sale, how may deal structure impact the valuation achieved by a seller?

Steven M. Levitt, Principal, Cambridge International PartnersNathaniel Dalton, Executive Vice President & Chief Operating Officer, Affiliated Managers GroupKeith Mitchell, Founder, Mitchell Advisers LLCDavid D. Silvera, Managing Director, Rosemont Investment Partners LLC

6:30 – 9:30 p.m. IAA Annual Conference – Welcome Reception Four Seasons AustinSponsored by U.S. Bancorp Fund Services

Thursday, April 26, 2007

7:30 – 8:30 a.m. Continental Breakfast and Registration

8:30 – 8:45 a.m. Welcome, Annual Meeting, and Election of GovernorsHenry H. Hopkins (T. Rowe Price Associates), IAA Chairman E. Blake Moore, Jr. (Allianz Global Investors US Retail), IAA President

8:45 – 9:45 a.m. Featured SpeakerTrends in GeopoliticsGeorge Friedman Founder, CEO, Chief Intelligence Officer, STRATFOR

9:45 – 10:45 a.m. Expanding the Frontiers of CardiologyJames T. Willerson, MD President, University of Texas Health Science Center

10:45 – 11:15 a.m. Break and Exhibitors

11:15 – 12:15 p.m. Keynote SpeakerEconomic UpdateRichard W. FisherPresident and CEO, Dallas Federal Reserve Board

12:15 – 1:45 p.m. Luncheon and Featured SpeakerEnergy Market OutlookMatthew Simmons Founder, Simmons & Co. International

2:00 – 3:00 p.m. Lessons We Can Learn From EnronNancy RapoportProfessor of Law, University of Houston Law Center

3:00 – 3:30 p.m. Break and Exhibitors

3:30 – 5:30 p.m. Breakout Sessions

5:30 – 6:00 p.m. Board of Governors Meeting

6:30 – 9:30 p.m. Reception and DinnerOne World Theater

Friday, April 27, 2007

7:30 – 8:15 a.m. Continental Breakfast

8:30 – 9:00 a.m. IAA Town Meeting

9:00 – 10:30 a.m. The Squeeze is On: Competitive Challenges for a Flattening World

Paul David Schaeffer, Managing Director of Business Strategy Development and Innovation, SEI Investments, Moderator

Richard Adler, President, Convergent Capital Management John H. Cammack, CFP, Head of Third Party Distribution, T. Rowe Price

Investment Services, Inc.Stephen J. Kneeley, Managing Partner, Brandywine Global Investment

Management, LLCBlake Moore, Chief Executive Officer, Allianz Global Investors U.S. Retail

10:30 – 11:00 a.m. Break and Exhibitors

11:00 – 11:45 a.m. Building Space ShipsRobert Boldt, CFAFormer Chief Executive Officer, University of Texas Investment Management Co.

11:45 a.m. – 12:30 p.m. U.S. Money Managers and Latin America: So Much More thanImmigrationDr. Michael BrandlSenior Lecturer, McCombs School of Business, The University of Texas at Austin

12:30 – 2:00 p.m. Luncheon and Featured SpeakerPerspectives from the SECThe Honorable Paul S. Atkins Commissioner, Securities and Exchange Commission

2:00 p.m. End of Formal Conference

7:00 – 10:00 p.m. Reception/ Barbeque Dinner/DanceFour Seasons Austin

Saturday, April 28, 2007

10:00 a.m. – 2:00 p.m. Lady Bird Johnson Wildflower Center and Gospel Lunch

Speaker Biographies

Richard H. Adler co-founded Convergent Capital Management, an investment management holding compa-ny, over 10 years ago. Rick has 25 years of corporate finance and financial management experience, includingseven years with the Company’s predecessor, Hayes & Griffith, Inc., where he was responsible for its corporatefinance activities. Rick was key to the firm’s mergers and acquisitions practice, and led Hayes & Griffith’sactivities in the industry consolidation arena. He is a 1976 graduate of the University of Michigan and holdsan MBA from Indiana University.

Paul S. Atkins was appointed by President George W. Bush to be a Commissioner of the Securities andExchange Commission on July 29, 2002. His term expires in 2008. Commissioner Atkins’ 22-year career hasfocused on the financial services industry and securities regulation. Before his appointment as SECCommissioner, he assisted financial services firms in improving their compliance with SEC regulations andworked with law enforcement agencies to investigate and rectify situations where investors had been harmed.From 1990-1994, he served on the staff of two former chairmen of the SEC, Richard C. Breeden and ArthurLevitt. A member of the New York and Florida bars, Commissioner Atkins received his J.D. from VanderbiltUniversity School of Law in 1983 and was Senior Student Writing Editor of the Vanderbilt Law Review. Hereceived his A.B. from Wofford College in 1980 and was a member of Phi Beta Kappa. Originally fromLillington, North Carolina, Commissioner Atkins grew up in Tampa, Florida. He is married with three sons,aged 13, 10 and 6.

David J. Bauer* is a founding partner of Casey, Quirk & Associates. He has over 13 years of experience inthe investment management industry as a consultant and portfolio manager. His consulting experienceencompasses all major functional areas (business management, investment management, and distribution).His assignments have included broad organizational strategy and design, post-merger integration, and invest-ment and distribution platform assessment. David has co-authored several industry research papers, includingSuccess in Investment Management: Building and Managing the Complete Firm (2000) and Style is dead. Longlive style! (2001). David earned an M.B.A. from Duke University’s Fuqua School of Business and holds a B.A.in Economics from Tufts University.

Stuart D. Bilton, CFA* is Chairman and Chief Executive Officer of Aston Asset Management andChairman of the Aston Funds. Previously, Mr. Bilton was Vice Chairman of ABN AMRO Asset Management(US) and Chairman of the ABN AMRO Funds. Prior to its acquisition by ABN AMRO, he was Presidentand CEO of Alleghany Asset Management, the parent company of Montag & Caldwell, Chicago CapitalManagement, Chicago Trust Company, TAMRO Capital Partners, Chicago Deferred Exchange Company andVeredus Asset Management. Mr. Bilton is a director of Baldwin & Lyons, Inc. He earned a B.S. (Economics)degree from the London School of Economics and an M.S. degree from the University of Wisconsin.

Bob L. Boldt, CFA was formerly the President, Chief Executive Officer, and Chief Investment Officer of theUniversity of Texas Investment Management Company (UTIMCO). Before joining UTIMCO, Mr. Boldtwas the Managing Director of Pivotal Asset Management, San Francisco, California, an active equity manage-ment firm focused exclusively on emerging technology companies. Previously, Mr. Boldt was the SeniorInvestment Officer for Global Public Markets Investments at the California Public Employees’ RetirementSystem (CalPERS). Throughout his more than 30 year career, Mr. Boldt has written extensively on invest-ment topics and is a former recipient of the Graham and Dodd Award from the Financial AnalystsFederation. He is a Chartered Financial Analyst.

Dr. Michael Brandl is a Senior Lecturer in the Finance Department in the McCombs School of Business,The University of Texas at Austin, where he teaches MBA and Executive MBA courses in economics andfinancial markets. Dr. Brandl is an Affiliated Faculty member at UT’s Teresa Lozano Long Institute of LatinAmerican Studies and is a guest lecturer at UT’s LBJ School of Public Policy. Outside of UT, Professor Brandlis a visiting faculty member at the Helsinki School of Economics in Finland and he serves on the board ofdirectors and is a visiting International Professor at the Universidad Tecnologica Privada de Santa Cruz(UTPESA) in Santa Cruz, Bolivia. His teaching specializations include the global financial markets, as well asthe application of economic theory to management decision-making.

John H. Cammack, CFP is Head of Third Party Distribution, and a member of T. Rowe Price’s OperationalSteering Committee, Institutional Marketing Steering Committee, and Compliance Oversight Committee.His duties include management of the firm’s Third Party Distribution division and 529 College SavingsPrograms. Before joining T. Rowe Price in 1991, John was a Vice President with Alexandra ArmstrongAdvisers, a financial planning boutique, located in Washington, DC. John is a Phi Beta Kappa with honorsfrom Denison University and holds an MBA from Columbia University. John is a board member of theFoundation for Financial Planning, Mutual Fund Education Alliance, Leaders for Tomorrow, and the UnitedWay of Central Maryland. In addition, John is a member of the Alpha Group and the Tiburon StrategicAdvisors CEO Summit Planning Committee.

Nathaniel Dalton* is an Executive Vice President and Chief Operating Officer of Affiliated Managers Group,Inc., and is responsible for AMG’s affiliate development efforts. That role includes business, succession, andcontingency planning for each of AMG’s affiliates, as well as cross-affiliate initiatives. Mr. Dalton joinedAMG in 1996 as its General Counsel, and was responsible for the legal structuring and negotiation of manyof AMG’s investments in affiliates. Prior to joining AMG in 1996, Mr. Dalton was an attorney at Goodwin,Procter LLP focusing on mergers and acquisitions, including those in the asset management industry. Mr.Dalton graduated from Boston University School of Law and received an undergraduate degree in Economicsfrom the University of Pennsylvania.

David G. DeVoe* is the director of mergers and acquisitions in the strategic client group at SchwabInstitutional. He oversees mergers and acquisitions program strategy and manages relationships with holdingcompanies, investment banks, private equity groups, and large independent broker dealers. Previously, he wasdirector of practice management programs at Schwab Institutional. Before joining Schwab in 2002, he ledbusiness development at Noosh, an e-commerce solution for the financial services industry. He earned aBachelor of Arts degree from the University of California, Berkeley and a Master of Business Administrationdegree from Cornell University’s Johnson Graduate School of Management.

Richard W. Fisher assumed the office of president and CEO of the Federal Reserve Bank of Dallas on April4, 2005. In this role, Mr. Fisher serves as a member of the Federal Open Market Committee, the FederalReserve’s principal monetary policymaking group. Mr. Fisher is former vice chairman of Kissinger McLartyAssociates, a strategic advisory firm chaired by former Secretary of State Henry Kissinger. Prior to that, heserved as deputy U.S. trade representative with the rank of ambassador. He oversaw the implementation ofNAFTA, negotiations for the Free Trade Area of the Americas, and various agreements with Vietnam, Korea,Japan, Chile and Singapore. He was a senior member of the team that negotiated the bilateral accords forChina’s and Taiwans accession to the World Trade Organization. A first-generation American, Mr. Fisher isequally fluent in Spanish and English, having spent his formative years in Mexico. He attended the U.S.Naval Academy (1967–69), graduated with honors from Harvard University in economics (1971), read LatinAmerican politics at Oxford (1972–73) and received an M.B.A. from Stanford University (1975).

George Friedman is the founder and Chief Executive Officer of Stratfor, a company he began in 1996 thatleads the field of private intelligence. Dr. Friedman guides Stratfor’s strategic vision, helping shape the long-range geopolitical forecasts as well as overseeing and tasking tactical intelligence operations. Dr. Friedman isalso the author of numerous articles and books on national security, warfare and intelligence. In 1994, Dr.Friedman founded and was Director of the Center for Geopolitical Studies at Louisiana State University,which engaged in integrated economic, political, and military modeling and forecasting. Friedman graduatedwith a B.A. from the City College of the City University of New York and holds a Ph.D. in Government fromCornell University.

Robert E. Garrison II, CFA* is the President and a Director of Sanders Morris Harris Group Inc. and hasheld these positions since 1999. Mr. Garrison’s management expertise is reflected in his participation on theboards and committees of FirstCity Financial Corporation, wireless infrastructure giant Crown CastleInternational, Prosperity Bank, Somerset House Publishing, and Memorial Hermann Hospital Systems wherehe is Chairman of the Investment Committee, the Health Ventures Board, and a member of the Audit andCompensation Committee. He also serves on the Board of PTC-GP Management LLC, the general partnerof Proton Therapy Center – Houston. Mr. Garrison earned his BBA and MBA degrees from the University ofTexas. He has over 39 years of experience in the investment business. Mr. Garrison is also a CharteredFinancial Analyst.

Kevin T. Hamilton, CFA* joined Rice Hall James & Associates as a Partner in January 2002. In addition tohis role as a member of the Investment Team, Kevin has management responsibility in the areas of Marketing,Client Service and Finance. He has 21 years of investment experience. Prior to joining RHJ, Kevin was aPrincipal and Portfolio Manager at Messner & Smith Investment Management, Executive Vice President atMontgomery Asset Management, San Francisco, and Senior Vice President and Portfolio Manager at AnalyticInvestment Management, Irvine, CA. Kevin earned BA and MBA degrees from the University of SouthernCalifornia. He is a Chartered Financial Analyst charterholder.

Henry H. Hopkins, Esq. is a Vice President of T. Rowe Price Associates, Inc. and T. Rowe Price InvestmentServices, Inc. Henry has been the Chief Legal Counsel in the Legal Department of T. Rowe Price Associates,Inc. since 1987. He is a member of the Board of the Maryland Business for Responsive Government,Director of the Maryland Securities Association, a member of the Board of Visitors of the University ofMaryland Law School, a Director of the Baltimore Efficiency & Economy Foundation, and a Director of theU.S. Lacrosse Foundation. He earned a B.A. in History from Trinity College in 1965 and a LL.B. in Lawfrom the University of Maryland School of Law.

Stephen J. Kneeley joined Brandywine Global Investment Management, LLC, in May 2006 as ManagingPartner and member of the Executive Committee. Prior to joining Brandywine Global, Mr. Kneeley foundedArdmore Investment Partners and was Chairman and CEO. Previously, he co-founded Turner InvestmentPartners, where he was President and CEO, and held the positions of Vice President, Sales with MeridianInvestment Company and Regional Sales Representative with The Travelers Companies. Mr. Kneeley is amember of the CFA Society of Philadelphia and AIMSE.

S. Timothy Kochis* is CEO and Principal of Kochis Fitz, which he founded in 1991. Before founding KochisFitz, Tim was National Director of Personal Financial Planning for Deloitte & Touche and before that for Bankof America. He recently received the inaugural Schwab Impact Award for outstanding individual leadership inthe profession and U.C. Berkeley confers an award for teaching excellence in his name. He has chaired all keycredentialing and philanthropic organizations in his industry and has long been acknowledged as one of the keyleaders of his profession. He has been included in Worth’s listing of the country’s Best Financial Advisers since1994. He has authored many articles and two books, most recently Managing Concentrated Stock Wealth. Mr.Kochis earned his BA from Marquette University in 1968, a JD from the University of Michigan in 1973, andan MBA from the University of Chicago in 1979.

Steven M. Levitt* re-joined Cambridge International Partners as a partner in 2005 and is actively involved inbusiness development and client advisory work. He re-joined Cambridge from MilleniumAssociates AG, aSwiss investment banking boutique, where he focused on strategic advisory work in the asset management andbrokerage industries for North American and European financial institutions. Prior to that, Steven spent threeyears with Putnam Lovell Securities, also focused on strategic advisory and transactional work with asset man-agers and broker-dealers. He holds a B.A. degree in Economics from Stanford University and an M.B.A. inFinance from The Wharton School of the University of Pennsylvania. He is a General Securities Principal.

Keith Mitchell* is the founder of Mitchell Advisers, LLC, an independent strategic and financial adviser toexecutives of asset management organizations. Mr. Mitchell’s career within the asset management sector spansover twenty years with extensive operational and strategic management experience, including start-up andturn-around situations for institutional and retail oriented firms in the US and abroad. Prior to foundingMitchell Advisers, Mr. Mitchell was a Managing Director with Putnam Lovell NBF in San Francisco and laterin Atlanta. His experience includes both buy-side and sell-side assignments.

Blake Moore is the CEO and a Managing Director of Allianz Global Investors U.S. Retail. Based in NewYork City and Stamford, CT, the company is responsible for retail marketing and distribution for Allianz-owned asset managers in the U.S.: PIMCO, Nicholas-Applegate, RCM, Oppenheimer Capital, NFJInvestment Group (and former affiliate Cadence Capital Management). Prior to joining Allianz GlobalInvestors in 2004, Mr. Moore served in a variety of roles for over 10 years at Nicholas-Applegate CapitalManagement, most recently as Managing Director and a member the firm’s Executive Committee. Mr. Mooreis President of the Investment Adviser Association, where he also serves on the Board and the ExecutiveCommittee. Mr. Moore received his Bachelor of Arts degree from the College of Wooster, class of 1980, andhis law degree from Harvard Law School, class of 1989.

Nancy B. Rapoport, Professor of Law at the University of Houston Law Center, served as Dean and Professorof Law from July 2000-May 2006. After receiving her B.A., summa cum laude, from Rice University in 1982and her J.D. from Stanford Law School in 1985, she clerked for the Honorable Joseph T. Sneed on the UnitedStates Court of Appeals for the Ninth Circuit and then practiced law (primarily bankruptcy law) withMorrison & Foerster in San Francisco from 1986-1991. She started her academic career at The Ohio StateUniversity College of Law in 1991, and she moved from Assistant Professor to Associate Professor to AssociateDean for Student Affairs and Professor in 1998. Among her published works is Enron: Corporate Fiascos andTheir Implications (Foundation Press 2004; co-edited with Professor Bala G. Dharan of Rice University).

Paul David Schaeffer is a Managing Director of Business Strategy Development and Innovation at SEIInvestments in the firm’s Investment Manager Services Unit. Previously, Paul was a partner with InvestmentCounseling, Inc. (IC), then executive vice president with Capital Resource Advisors. At IC/CRA, his clientsincluded leading financial service companies such as investment management organizations, mutual fundcompanies and bank trust departments. For the past seven years, Paul has been the primary author ofCompetitive Challenges, the industry’s premier best practices study and has become a frequent speaker at indus-try conferences. Paul’s background in government and public policy includes senior positions with PresidentJimmy Carter, Senator Edward M. Kennedy and Congressman Les Aspin.

David D. Silvera* is Managing Director of Rosemont Partners LLC. Mr. Silvera directs Rosemont’s activitieswith respect to identifying, analyzing, and valuing investment prospects as well as providing advice and coun-sel to Rosemont’s holdings. He sources prospective investments and oversees the firm’s relationships with itsportfolio companies. He also is a member of the Investment Committee and the Advisory Committee ofRosemont’s funds. In addition to his work as a financial advisor to companies, Mr. Silvera spent four years asa wine broker and importer in the international wine trade. Mr. Silvera received his BA from ColumbiaCollege and earned an MBA from The Wharton School.

Matthew R. Simmons is Chairman of Simmons & Company International, a specialized energy investmentbanking firm. The firm has completed approximately 629 investment banking projects for its worldwide ener-gy clients at a combined dollar value in excess of $84 billion. He is a member of the National PetroleumCouncil, Council on Foreign Relations, and The Atlantic Council of the United States. He serves on theBoard of Directors of Brown-Forman Corporation, The Initiative for a Competitive Inner City (Boston),Houston Technology Center (Houston) and the Center for Houston’s Future (Houston). He also serves onThe University of Texas’ M.D. Anderson Cancer Center Foundation Board of Visitors (Houston) and is aTrustee of the Bermuda Biological Station for Research. Mr. Simmons’ recently published book Twilight inthe Desert: The Coming Saudi Oil Shock and the World Economy has been listed on the best seller list of theWall Street Journal.

Linda Davis Taylor* is President and CEO of Philip V. Swan Associates, LLC, an investment counsel firm inPasadena, California. Swan Associates manages over $1 billion in assets for individuals, family groups, andendowments. In 1998 Swan Associates joined Convergent Capital Management as an affiliate. Linda joinedthe firm in 1999 and became President in 2002. Prior to Swan Associates, Linda held senior managementpositions in college admissions and fundraising at Emory University, Claremont McKenna College, AmherstCollege, and Scripps College. She serves as a trustee of Scripps College, The Thacher School, and manages aprivate family foundation.

James T. Willerson, M.D. is the President of the University of Texas Health Science Center at Houstonwhere he is the Alkek-Williams Distinguished Professor and holds the Edward Randall III Chair in InternalMedicine. In October 2004, Dr. Willerson was named President-Elect of the Texas Heart Institute inHouston, Texas. He holds the Dunn Chair in Cardiology Research and the John O’Quinn-supported James T.Willerson Distinguished Chair in Cardiovascular Research, both at the Texas Heart Institute, Houston, Texas.From 1989 through 2000, he was the Chairman of the Department of Internal Medicine at the University ofTexas Medical School at Houston where an Annual Lectureship has been established in his name. During thissame period, he served as the Chief of Medical Services at Memorial Hermann Hospital. He is also theMedical Director, Director of Cardiology Research, and Co-Director of the Cullen Cardiovascular ResearchLaboratories at the Texas Heart Institute. Dr. Willerson is a Phi Beta Kappa graduate of the University ofTexas at Austin where he lettered for three years in varsity swimming.

* Succession Workshop Speakers

2007 IAA ANNUAL MEETING Registration InformationFirm Registration (one representative): Wednesday – Friday $1,225Includes Thursday-Friday programs, receptions, breakfasts, lunches and dinners on Thursday and Friday

Additional Representative Registration: Wednesday – Friday $900Includes the daily programs, receptions, breakfasts, lunches and dinners on Thursday and Friday

IAA Succession Planning Workshop, Wednesday $250

Guest Program $350Includes receptions, breakfasts and dinners, Wednesday – Friday

Optional Guest Outing – Thursday $130Includes tour of the Governor’s Mansion and luncheon

Saturday Outing (per person) $150A private tour of the Ladybird Johnson’s Wildflower Center followed by a gospel lunch

Cancellation PolicyWe understand that unexpected events can force a registrant to cancel. Those who do so by April 7, 2007 will receive a full refund.Between April 8-16, a fee of $100 will be deducted. There are no refunds for any cancellation received on or later than April 17, 2007.

Photographs were provided courtesy of Four Seasons Hotel, Austin, the Ladybird Wildflower Center and the AustinConvention and Visitors’ Bureau.

Exhibitors

Assette enhances productivity for asset manage-ment firms by delivering on-demand client presen-tation and reporting solutions. AssettePresentationsTM, Assette StatementsTM and AssettePortfolio AccessTM software allows firms to focuson retaining and accumulating assets by dramati-cally increasing efficiency in marketing, sales, andclient service. Based in Boston, Assette specializesin solving the business challenges of the mid-mar-ket asset management industry. For more informa-tion, please visit www.assette.com.

Barclays Global Investors (BGI) is one of theworld’s largest asset managers providing structuredinvestment strategies such as risk-controlled activestrategies and indexing. In the US, BGI is one ofthe largest active managers, set apart by its risk-controlled approach. BGI manages 65% of theworld’s 100 largest pension plans and is the leaderin assets and products in exchange traded funds(ETFs) through its iShares® brand with more than180 ETFs globally. The firm managed over $1.6trillion in assets as of 6/30/06, for more than2,800 clients in 52 countries around the world.BGI is a majority-owned subsidiary of by BarclaysBank PLC. For more information, visit www.barclaysglobal.com.

CheckFree Investment Services has been theleader in portfolio management solutions for morethan 20 years. CheckFree continues to develop thefunctionality that meets the demands of an evolv-ing industry including, Unified ManagedAccounts, GIPS® compliance, tax-aware investing,complex instrument treatment and retirementinvesting with CheckFree APL, CheckFree GIM,and CheckFree CALIPER.

Chubb has been providing specialized insurancesolutions to financial institutions for more thanforty years. With underwriters in all of the world’smajor financial centers, Chubb’s experience in pro-tecting financial institutions, and specificallyinvestment advisers, is complemented by excellentMoody’s, Best’s and S&P ratings. For more infor-mation, please visit www.chubb.com.

Fidelity is the second largest provider of custodyand brokerage services to registered investmentadvisers, with more than $147 billion in assets onbehalf of more than 2,800 advisers. Fidelity pro-vides access to a flexible, open technology environ-ment, practice management resources, and wealthmanagement investments and services. Dedicatedrelationship professionals work consultatively tohelp advisers select the products and services thatare in the best interests of their clients and makethe most sense for their business. For more infor-mation, visit www.ria.fidelity.com.

HRH of Baltimore The Baltimore branch ofHRH serves as the home office for the ProfessionalProducts Department specializing in InvestmentAdvisory, Mutual, Hedge and Private FundManagement Errors and Omissions programs.During the past 27 years we have diligently market-ed and serviced over 400 Investment Advisory firmsand Fund complexes regarding not only their E&Oconcerns but also D&O coverage, ERISA, BlanketFidelity and Mutual Fund bonds and EmploymentPractices Liability. We work as a resource for you inthe management of Professional Financial Risks.

Merrill Lynch Money Manager Services is aleading provider of world-class financial productsand services for Money Managers, Hedge Fundsand Family Offices. We provide full service institu-tional trading capabilities, Merrill Lynch’s awardwinning research, industry leading reporting andvalue added wealth management products for yourclients that include trust services, full service bank-ing products, and securities based lending. MerrillLynch Money Manager Services brings you leader-ship, experience and sophisticated tools to enhanceyour firm’s success and profitability. For moreinformation, visit www.mlmms.ml.com

Schwab Institutional is a leading provider ofoperational, institutional trading, practice man-agement and technology solutions for independ-ent, fee-based investment advisors, as well asinvestment vehicles and wealth management solu-tions to help them meet the needs of high-net-worth investors. Schwab Institutional is a divisionof Charles Schwab & Co., Inc. For more infor-mation, visit www.schwab.com.

Telemet has put investment research, portfolioanalytics, as well as real-time and historic marketdata at the fingertips of investment professionalsfor over a quarter century. Clients say Telemet’splatform is easy-to-use and a great way to stay ontop of investments. Telemet focuses only oninvestment managers and responds quickly - giv-ing individual, customized attention. For moreinformation, visit www.taquote.com.

U.S. Bancorp Fund Services, LLC provides acomplete array of fund services including: fundadministration and compliance, legal administra-tion, fund accounting, transfer agent and share-holder services, fulfillment, distribution and mar-keting, custody, securities lending and alternativeinvestment product services. To learn more aboutU.S. Bancorp Fund Services’ single source solu-tion for fund services, please visit www.usbfs.com.

Board of Governors

CCLLAASSSS OOFF 22000077J. Philip Ferguson, Esq. AIM Capital Management, Inc.I. Craig Hester, CFA, CIC Hester Capital Management, LLCJanet Olson, Esq. Artisan Partners Limited PartnershipVivian Pan, Ph.D., CFA Hamlin Capital Management, LLCElizabeth E. Prickett Wellington Management Company, LLPHorace P. Whitworth II, CFA, CIC Thompson, Siegel & Walmsley, Inc.Linda Wondrack, Esq. Columbia Management Advisors, LLC

CCLLAASSSS OOFF 22000088Richard A. Carriuolo, Esq. R.M. Davis, Inc.Clare M. Hansen Badgley, Phelps and Bell, Inc.E. Blake Moore, Jr., Esq. Allianz Global Investors U.S. RetailM. Gervase Rosenberger Tweedy, Browne Company, LLCJames P. Sarni, CFA, CIC Payden & Rygel Investment CounselPat Swanson, CFA, CIC King Investment Advisors, Inc.

CCLLAASSSS OOFF 22000099Wendell W. Birkhofer, CFA, CIC Dodge & CoxDaniel W. Boone III, CFA, CIC Atlanta Capital Management Co., LLCMichael S. Cornfeld, CFA, CIC Heritage Investors Management Corp.Paula N. Drake, Esq. Oechsle International Advisors, LLCGeoffrey I. Edelstein, CFA, CIC Transamerica Investment ManagementWilliam A. Goldstein Lodestar Investment Counsel, Inc.Clarence H. (KC) King, III, CFA, CIC Emerson Investment Management, Inc.

Investment Adviser Association1050 17th Street, NW, Suite 725 Washington, DC 20036-5514

Phone: 202.293.4222 Fax: 202.293.4233Internet: www.investmentadviser.org