Smallcap13 Agenda

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    S m a l l - Ca p I n v e s t i n g S u m m i t 2 0 1 3

    Tue Feb 12 , 2013

    8 : 3 0 a m - 9 : 3 0 a m K EY NO TE: L i s a Rap u an o ( LIV E)W h e r e : Fully online, http://www.valueconferences.com/events/smallcap13/C a le n d a r : Small-Cap Investing Summit 2013D e s c r i p t i o n :INSTRUCTOR : Lisa Rapuano, Portfolio Manager, Lane Five Capital ManagementLisa Rapuano founded Lane Five in J anuary, 2007. She managed a long/short equity hedge fundfor Matador Capital Management for over two years prior to founding Lane Five, and spent overten years at Legg Mason Capital Management. At Legg Mason, she was the Director of Researchand portfolio manager of the Legg Mason Special Investment Trust. She co-managed this fundwith Bill Miller from 1997-2000. As sole manager of the fund from 2001-2003 she achieved top-decile returns as tracked by Lipper. Lisa graduated from Y ale in 1988 and received her CF Adesignation in 1994. Register for the live session or access the replay: http://www.valueconferences.com/events/smallcap13/

    8 : 3 0 a m - 9 : 3 0 a m R o b er t L e i t z : I n -d e p t h Id e a P r es e n t at i o n ( R EC OR DE D)W h e r e : Fully online, http://www.valueconferences.com/events/smallcap13/C a le n d a r : Small-Cap Investing Summit 2013D e s c r i p t i o n :,16758&725 5REHUW /HLW] )RXQGHU DQG 3RUWIROLR 0DQDJHU LROLWH3DUWQHUV 5REHUW/HLW] JUDGXDWHG IURP WKH 8QLYHUVLW\ RI 6W *DOOHQ +6* 6ZLW]HUODQG ZLWK D 0DVWHU%XVLQHVV $GPLQLVWUDWLRQDQG (FRQRPLFV +H ZURWH KLV PDVWHU V WKHVLV DW &ROXPXQGHU WKH JXLGDQFH RI 3URI (OL 1RDP 5REHUW KDV SUHYLRXVO\ ZRUNHG DV DPDQDJHPHQWFRQVXOWDQW DW .30* &RUSRUDWH 5HVWUXFWXULQJ DQG DV DQLQYHVWPHQW DQDO\VW DW(XURSHDQ 6SHFLDO 6LWXDWLRQV *URXS D SURSULHWDU\ WUDGLQJ GHVN ZLWK H[WHQVLYHLVVXHVHQLRU EDQN GHEW PH]]DQLQH ORDQV DQG KLJK \LHOG ERQGV DV ZHOO DVVHFRQGDUWXUQDURXQGV UHVWUXFWXULQJV GLVWUHVVHG GHEW GLVIDYRUHG HTXLWLHV DQG FDSL+H ODWHU MRLQHG73* &UHGLW D FUHGLW RSSRUWXQLWLHV KHGJH IXQG ODXQFKHG LQ SDUHTXLW\ ILUP 73* 7H[DV 3DFLILF *URXS DV D IRXQGLQJPHPEHU ,Q 5REHUW IRXQGHG LROLWWKH DLP WR JHQHUDWHVXVWDLQDEOH PDUNHW EHDWLQJ DEVROXWH UHWXUQV 5HJLVWHUDFFHVV WKH UHSOD\ KWWS ZZZ YDOXHFRQIHUHQFHV FRP HYHQWV VPDOOFDS

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    1 0 a m - 11 a m To an Tr an a n d St e p h e n W h i t e : In - d ep t h I d ea Pr e s e n t at i o n ( L I VE )W h e r e : Fully online, http://www.valueconferences.com/events/smallcap13/C a le n d a r : Small-Cap Investing Summit 2013D e s c r i p t i o n :INSTRUCTORS: Toan Tran, Managing Partner, Castle Union Prior to co-foundingCastle Union, Toan Tran was an associate director of equity research at Morningstar, Inc. wherehe headed a team of analysts focused on the technology sector. P rior to joining Morningstar,

    Toan was a practicing attorney in California. Along with his professional experience, Toan haspersonally invested in distressed and special situations for over 10 years. Toan earned a B.A.with honors from The University of Chicago and a J .D. from the UC LA School of Law. StephenWhite, Portfolio Manager, Castle Union Prior to co-founding Castle Union, Stephen White was aportfolio manager for RMB Capital Management LLC where he managed a $50 million long-onlyspecial situations fund. Before that, he was an analyst at Marlin Capital where he focused onenergy and financial stocks. He has additional experience from Balyasny Asset Management andKPMG. Stephen earned a B.S. from Fairfield University and an MBA from The University of Chicago Graduate School of Business. He is a Chartered Financial Analyst. Register for the livesession or access the replay: http://www.valueconferences.com/events/smallcap13/

    11 : 3 0 am - 1 2 : 3 0 p m C h r i s t i an D i e b i t s c h : I n -d e p t h Id e a P r es e n t at i o n ( R EC OR DE D)W h e r e : Fully online, http://www.valueconferences.com/events/smallcap13/C a le n d a r : Small-Cap Investing Summit 2013D e s c r i p t i o n :INSTRUCTOR: Christian Diebitsch, Managing Director, S eilern InvestmentManagement Christian Diebitsch has been a Portfolio Manager since 2004 and joined SeilernInvestment Management in October 2008 where he manages the Stryx Europa Fund, which is ahighly focused long-only quality-growth fund. P rior to his current position, Mr. Diebitsch wasemployed by W.P. Stewart & Co. in London, where he was in charge of a similar fund. Beforebecoming a Portfolio Manager, Mr. Diebitsch was a top-rated sell-side analyst since 1990 wherehis main focus was always on Europe. Mr. Diebitsch has concentrated on a number of areas/sectors, ranging from the Nordic region to pan European capital goods and pan Europeansupport services as well as financial exchanges during his tenure at different merchant banks,such as J ames Capel & Co., Kleinwort Benson Securities and BNP -P aribas. Mr. Diebitsch is born inSweden and holds a Masters of Science degree in Business Administration from the StockholmSchool of Economics. Register for the live session or access the replay: http://www.valueconferences.com/events/smallcap13/

    11 : 3 0 am - 1 2 : 3 0 p mMar c S ain t J o h n Web b : T h em e P r e s en t a t i o n : H o w to A s s e s sFami ly -Owned Eur opean Smal l -Caps (LIVE)W h e r e : Fully online, http://www.valueconferences.com/events/smallcap13/C a le n d a r : Small-Cap Investing Summit 2013D e s c r i p t i o n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    1 p m - 2 p mD av id Mi l l e r : T h e m e P r e s en t a t i o n : S m al l - C ap s a n d I n s id e r B u y in g(RECORDED)C a le n d a r : Small-Cap Investing Summit 2013D e s c r i p t i o n :INSTRUCTOR: David Miller, Chief Investment Officer, Catalyst Mutual Funds

    Theme: Small-Caps and Insider Buying: How to Profit as an Outside Investor David Miller is theportfolio manager of the Catalyst Value Fund and has been responsible for the day-to-daymanagement of the Fund since its inception. David is the CEO of InvestmentCatalyst.com astock picking newsletter, which he founded in 2005. The Investment Catalyst newsletter works tidentify undervalued stocks with a near term catalyst for appreciation. David was a trader withUBS, working on the equity derivatives desk from J uly 2002 until December 2002. David was theCEO of MovieDaze Media Group, a search engine marketing company that he co-founded in2003 and sold in 2006. In 2000 he founded Bidcentives, Inc. a company designing software formid-market internet retailers and, after Bidcentives was sold, acted as an advertising consultantto Bidcentives from 2001 until 2002. He attended the University of Pennsylvania, WhartonSchool where he received a Bachelor of Science in Economics in 2001. Register for the livesession or access the replay: http://www.valueconferences.com/events/smallcap13/

    1 p m - 2 p m K EYNOTE: Cu r t i s J en s en (L IVE)W h e r e : Fully online, http://www.valueconferences.com/events/smallcap13/C a le n d a r : Small-Cap Investing Summit 2013D e s c r i p t i o n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    2 : 3 0 p m - 3 : 3 0 p m M ar k B o y a r : I n -d e p t h Id e a P r es e n t at i o n ( RE CO RD ED )W h e r e : Fully online, http://www.valueconferences.com/events/smallcap13/C a le n d a r : Small-Cap Investing Summit 2013D e s c r i p t i o n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    1 0 a m - 11 a m K e i t h Wei s s m a n : I n -d e p t h Id e a P r es e n t at i o n ( R EC OR DE D)W h e r e : Fully online, http://www.valueconferences.com/events/smallcap13/C a le n d a r : Small-Cap Investing Summit 2013D e s c r i p t i o n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    11 : 3 0 am - 1 2 : 3 0 p mSoo Chuen Tan : In -dep th Idea P resen ta t ion - A Case S tudy(LIVE ONLY)W h e r e : Fully online, http://www.valueconferences.com/events/smallcap13/C a le n d a r : Small-Cap Investing Summit 2013D e s c r i p t i o n :

    There will be no replay or transcript of this session available, per the instructor'srequest. Please attend this session live. If you miss it, email [email protected] torequest an introduction to Soo Chuen Tan. INSTRUCTOR: Soo Chuen Tan, Managing Member,Discerene Value Advisors Soo Chuen Tan is Managing Member of Discerene Value Advisors LLC,private investment firm which invests globally pursuing a concentrated, long-term, deep valueinvestment philosophy for several leading endowments, foundations and family offices. Beforefounding Discerene, Mr. Tan was a partner and managing director at Deccan Value Advisors, andprior to that was at the Baupost Group, Halcyon Asset Management, and McKinsey & Company.He has an MBA from Harvard Business School where he was a Baker Scholar, and a BA (doublefirst class honors) in J urisprudence from Oxford University, where he won the Martin WronkerP rize for finishing first in his class. R egister for the live session or access the replay: http://www.valueconferences.com/events/smallcap13/

    1 p m - 2 p m B e n Cl a r em o n : I n -d e p t h Id e a P r es e n t at i o n ( R EC OR DE D)W h e r e : Fully online, http://www.valueconferences.com/events/smallcap13/C a le n d a r : Small-Cap Investing Summit 2013D e s c r i p t i o n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

    1 p m - 2 p m Ph i l i p O r d w ay : I n -d e pt h I d ea Pr e s en t at i o n ( L IV E)W h e r e : Fully online, http://www.valueconferences.com/events/smallcap13/C a le n d a r : Small-Cap Investing Summit 2013D e s c r i p t i o n :INSTRUCTOR: Philip Ordway, Partner, Chicago Fundamental Investment PartnersPhilip Ordway joined Chicago Fundamental Investment Partners in 2007 and was admitted as apartner in 2012. Phil is responsible for investments across the capital structure in variousindustries. P hil was an Analyst in Structured Corporate Finance with Citigroup Global Markets,Inc. from J uly 2002 to J uly 2005, where he was part of a team responsible for identifyingfinancing solutions for companies initially in the Global Power & Utilities Group and ultimately inthe Global Autos and Industrials Group. Phil earned his M.B.A. from the Kellogg School of Management at Northwestern University in 2007 and his B.S. in Education & Social Policy andEconomics from Northwestern University in 2002. Register for the live session or access thereplay: http://www.valueconferences.com/events/smallcap13/

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    2 : 3 0 p m - 3: 3 0 p m A n t h o n y C am b e i r o : In - d ep t h Id e a P r es e n t at i o n ( L IV E)W h e r e : Fully online, http://www.valueconferences.com/events/smallcap13/C a le n d a r : Small-Cap Investing Summit 2013D e s c r i p t i o n :INSTRUCTOR : Anthony Cambeiro, P resident and Portfolio Manager, AnthologyCapital Anthony Cambeiro is President and Portfolio Manager at Anthology Capital LLC, which hefounded in 2011. At a high level, Anthology is a long/short equity fund. The core strategy is to glong 10-20 high quality businesses with good returns on capital, defensible businesses, andcapable management teams purchased at attractive valuations during periods of distress andshort a more diversified group of companies with the inverse characteristics. Thecomplementary strategy for the fund is investing in special situations or workouts which aremore event driven and absolute return in nature. Prior to launching his firm, he served as Co-Director of Investments at Downtown Associates, a $300mm long biased, value-oriented hedgefund in Pennsylvania that he joined in 2001. His primary responsibilities as Co-Director of Investments were to lead the investment process, source new ideas, conduct due diligence, andcoordinate the trading of securities. Earlier, from 2000 to 2001, Anthony worked on the smallcap value team at BlackRock. He holds a BS from the Wharton School at the University of Pennsylvania, where he graduated cum laude with concentrations in F inance, Accounting andInformation Systems. Register for the live session or access the replay: http://www.valueconferences.com/events/smallcap13/

    2 : 3 0 p m - 3 : 3 0 p m S t u ar t Wi d d o w s o n : I n -d e p t h Id e a P r es e n t at i o n ( RE CO RD ED )W h e r e : Fully online, http://www.valueconferences.com/events/smallcap13/C a le n d a r : Small-Cap Investing Summit 2013D e s c r i p t i o n :,16758&725 6WXDUW :LGGRZVRQ ,QYHVWPHQW 'LUHFWRU 69* ,QYHVWPHQW0DQDJHUV6WXDUW :LGGRZVRQ MRLQHG 69* ,QYHVWPHQW 0DQDJHUV LQ DQG LVDQ ,QYHVWPHQW 'LUH

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