THURSDAY, APRIL 19THREGISTRATION AND NETWORKING FULL BREAKFAST – 7:30 A.M.NEW MEMBER/YOUNG LAWYER BREAKFAST – 7:30 A.M. - 8:15 A.M. IN THE STATE ROOMWELCOME / INTRODUCTIONS / ANNOUNCEMENTS – 8:15 A.M. - 8:30 A.M.

SESSION 1: 8:30 A.M. - 9:30 A.M.

MARKET/WASHINGTON UPDATEModerator Alfredo Cantoral, PPM America, Inc.Panelists William Vainisi, The Allstate Corporation William T. White, Bank of America Merrill Lynch Natasha Granholm, PricewaterhouseCoopers LLPThe political winds blowing across the lake are starting in Washington and expected to fuel market changes. The Trump administration is altering the political, regulatory and economic landscape, with the most significant change being the major corporate tax overhaul. Our experts will discuss the market impact of these changes and what we can expect for the remainder of the year and beyond. Given that backdrop, we will also explore how these changes are affecting the investment landscape for institutional investors.SESSION 2: 9:30 A.M. – 11:00 A.M.

PRIVATE EQUITY – MEZZANINE PART I: ISSUER ENTITY STRUCTURE, FINANCIAL ANALYSIS AND DEAL DOCUMENTATIONModerator Jenna Jenson, Thrivent FinancialPanelists Peter Mugo, Barings Stephen Szejner, Prudential Capital Group Kevin Knohl, Schiff Hardin LLP Wayne Pressgrove, King & SpaldingThe Willis Tower is not the only big structure in town! Join this panel in taking a tour of significant issuer structural considerations and risk/return expectations in private equity/mezzanine investments. We will discuss key tax attributes, equity fundamentals and debt financing considerations in the context of private equity sponsored transactions.BREAK: 11:00 A.M. - 11:15 A.M.

SESSION 3: 11:15 A.M. - 12:15 P.M.

ENERGY INDUSTRY LANDSCAPE CHANGES AND FINANCING OPPORTUNITIESModerator Rachael L. Lichman, Baker Botts LLPPanelists Barry Worthington, U.S. Energy Association Kenneth Jay Fatur, J.P. Morgan Securities LLC Lilia Alonzo, Mayer Brown Mexico, S.C.Just as the introduction of the “deep dish” forever changed the pizza business, recent technological advancements in oil and gas exploration and development, when combined with shifts in federal regulatory policy, disruption in the commodities and financial markets, and an evolution in social values, have contributed to a new energy industry landscape. The panel will provide an overview of the North American energy industry, describe how we have attained energy independence and where we go from here. The panel will consider the lingering effects of the historic downturn in commodity prices and the resulting consequences to banks and capital providers, as we highlight domestic and international private placement opportunities presented by the recent, steady recovery in commodity prices.

“It is wonderful to be here in the great state of Chicago…”Dan Quayle

“She is a novelty; for she is never the Chicago you

saw when you passed through the last time.”

Mark Twain

“In Chicago, we may not think the Picasso presiding over the Richard J.

Daley Center plaza is art, but we know it’s a big Picasso and it’s the city’s

Picasso, and when the Cubs made the play-offs, the sculpture wore a baseball

cap just like everything else.” Pat Colander

“Life moves pretty fast. If you don’t stop and look around once in a while,

you could miss it.” Ferris Bueller

LUNCH: 12:15 P.M. - 1:30 P.M.

SESSION 4: 1:30 P.M. - 3:00 P.M.

PROJECT FINANCE IN THE PRIVATE PLACEMENT MARKET – SEARCH FOR LONG-TERM YIELD IN POWER SECTORModerator Michael T. Reese, Pillsbury Winthrop Shaw Pittman LLPPanelists Bruce Bedwell, Chapman and Cutler LLP Jason Todd, Pacific Life Insurance Company Amy Maloney, Latham & Watkins LLP Rohit Chaudhry, Kirkland & Ellis LLP“Sustainability” is on everyone’s mind. Transformation of the US power fleet requires significant capital and an increasing number of independent power developers and sponsors are turning to the private placement market for financing. Institutional investors are hungry for project finance paper, especially “green bonds.” This panel will review the rules of the roads and river, and offer pointers for navigating the twists and turns to safely reach your destination. What is project financing? How does a project financing differ from a “corporate” transaction and, within the project finance market, how do private placements differ from and fit alongside bank financing. We’ll point out traps for the unwary and what can go wrong in these deals. Learn from five experienced practitioners how project debt offers steady, long-term yields.BREAK: 3:00 p.m. - 3:15 p.m.

SESSION 5: 3:15 P.M. - 4:15 P.M.

PRIVATE EQUITY – MEZZANINE PART II: PRIVATE EQUITY INVESTMENTS AND ACQUISITION FINANCINGModerator Seth Bryant, Bryant Rabbino LLPPanelists Marco Ferri, Avila Rodriguez Hernandez Mena & Ferri LLP John D. Hollinrake, Jr., Dorsey & Whitney LLP Stephen Amdur, Pillsbury Winthrop Shaw Pittman LLPSee what’s for sale at the Merchandise Mart . . . This panel will continue the discussion started by the earlier private equity/mezzanine panel and consider issues and concerns encountered when institutions harvest these investments and bring them to market. The panel will discuss exit and liquidation strategies, managing post-exit liabilities (including tax and other indemnity obligations) and the expanding role of representation and warranty insurance.SESSION 6: 4:15 P.M. - 5:15 P.M.

ETHICS PANEL: ANTI-BIAS AND DIVERSITY INITIATIVESModerator Gail C. Bent, Allstate InvestmentsPanelists Joel Stern, NAMWOLF LaVon M. Johns, Quintairos, Prieto & Wood & Boyer, P.A. Leslie Richards-Yellen, Hogan Lovells US LLPDiversity and inclusion efforts are critically important for success in all business endeavors, with the legal profession lagging behind other professions. The panel will provide an overview of current initiatives being implemented to address bias and improve diversity among law firm and in-house attorneys, as well as promoting utilization of minority and women owned firms. ABA Resolution 113 and related data surveys will be highlighted as the panel discusses what it takes to have a best in class diversity and inclusion program.

“One of the hallmarks of Chicago is that we do so many things

in an original manner. What other city has made a river flow

backwards? What other city makes traffic flow backwards?”

Mike Royko

“There’s a trick to the Graceful Exit. It begins with the vision to

recognize when a job, a life stage, a relationship is over – and to let go. It means leaving what’s over

without denying its value.” Ellen Goodman

“And remember, people, that no matter who you are and what

you do to live, thrive and survive, there’re still some things that

makes us all the same. You. Me. Them. Everybody. Everybody.”

Blues Brothers

ARE YOU A NEWLY MINTED LAWYER, A NEW MEMBER OF THE COLLEGE, OR NOT-SO NEW BUT REALLY WANT TO KNOW ABOUT THE MANY BENEFITS OF MEMBERSHIP IN THE COLLEGE? Join us Thursday morning for a special Breakfast in the State Room from 7:30 A.M. – 8:15 A.M. with Members of the Board of Trustees sharing their ACIC experiences.

COCKTAIL RECEPTION: THURSDAY, 5:30 P.M. - 7:30 P.M. Please come to catch up with old friends and make new ones while you enjoy great food and the sounds of the Street Jaxkson Band.

FRIDAY, APRIL 20THREGISTRATION AND NETWORKING FULL BREAKFAST – 7:30 A.M.ANNUAL MEETING / ANNOUNCEMENTS – 8:15 A.M. - 8:45 A.M.

SESSION 7: 8:45 A.M. - 10:15 A.M.

CASE STUDY: RESTRUCTURING AND INTERCREDITOR ISSUESModerator Renee Dailey, Morgan, Lewis & Bockius LLPPanelists Ana Alfonso, Willkie Farr & Gallagher LLP Bob Swindell, GLC Advisors & Co., LLC Aaron Wernick, Metropolitan Life Insurance Company Jeremy Stern, AIG InvestmentsBased on a complex multi-investor hypothetical (names have been changed as parties have entered witness protection), our panel will examine in detail inter-creditor issues raised in the context of a mega-workout case study. Our experts will offer practical advice about getting organized and provide a roadmap for working through a restructuring. We will review turf battles between banks and noteholders, skirmishes among noteholders holding multiple series of notes with varied maturities and highlight issues of control among different classes of creditors with respect to shared collateral. We will detail common risks for noteholders, the “typical” terms that noteholders can negotiate into a forbearance and amendments to mitigate such risks, and the classic inter-creditor issues raised in the context of these complex workouts.SESSION 8: 10:15 A.M. - 11:15 A.M.

UPDATE: PRIVATE RATINGS, EUROPE & SWAPSModerator Richard E. Buckley, Prudential Financial, Inc.Panelists Patricia Volhard, Debevoise & Plimpton LLP Gregory Remec, Fitch Ratings Charles Kolin, Greenberg Traurig, LLP Skip the taxi stand and join us on a random walk down the Miracle Mile. Our panel will take you window shopping and explore specialty shops where we will (a) see how sausage is made (the financial & legal analysis behind private bond ratings), (b) enjoy a European inspired cafe (examining MiFID II and Brexit impact on debt markets) and (c) take a detour to a nearby resale shop (review the Swap language changes made to the Model Form).BREAK: 11:15 A.M. - 11:30 A.M.

SESSION 9: 11:30 A.M. - 12:30 P.M.

ETHICS PANEL: FROM RULES TO REALITY – HOW TO COMPLYModerator Barry G. Russell, Akin Gump Strauss Hauer & FeldPanelists John D. Inwood, Voya Investment Management LLC Alfredo R. Perez, Weil, Gotshal & Manges LLP Mary Carey, Cigna CorporationWith a mix of neighborhoods (Greek Town, Wrigleyville, the Southside, the Gold Coast), Chicago has grown and thrived with people living and working together while maintaining their individuality. Working through the many and varied noteholder interests identified in the Restructuring Case Study hypothetical, this experienced panel will review the ethical rules and obligations which arise in multi-party representations, including confidentiality obligations and duties of loyalty. The panel will focus on practical approaches followed in mega-workout / restructuring situations in efforts to meet client expectations and reach successful (and professionally responsible) outcomes.

SPRING INVESTMENT FORUM CONCLUDES AT 12:30 P.M.

“I’ve lost a million and a half on the horses and dice in the last two years.

And the funny part is, I still like ‘em, and if someone handed me another million I’d put it right in the nose of

some horse that looked good to me.” Al Capone

“You’d never think of taking a cab if you had to walk a mile down

Chicago’s Michigan Avenue. But in a bad city you take a cab just to

go around the corner.” Helmut Jahn

“In Chicago not only your vote counts, but all kinds of other votes

– kids, dead folks, and so on.” Dick Gregory

CO-CHAIRS

William Bulmer Catherine Hood Prudential Financial, Inc. Pillsbury Winthrop Shaw Pittman LLP Dallas, TX New York, NY

REGISTRATIONPlease visit https://www.aciclaw.org/event/2018-acic-spring-investment-forum to register online or download the PDF form and return it to the ACIC Administrative Office at the address listed below. The registration fee of $895 for ACIC members in good standing (2018 dues paid) and $1145 for non-members can be paid by credit card or check. Checks must be payable to the American College of Investment Counsel and must accompany the registration form. All fees are to be paid in U.S. Dollars. Register before March 30, 2018 and receive a $50.00 discount.Your registration includes: admission to all sessions, daily full breakfast and refreshment breaks, and Thursday’s luncheon and cocktail reception which will feature a live band. The Registration Desk opens at 7:30 am on Thursday and 7:30 am on Friday.

ATTIREThe attire for the ACIC 2018 Spring Investment Forum is business casual. Jackets are suggested for the Thursday evening reception.

CONFIRMATIONA confirmation and receipt of payment will be sent via e-mail to all registrants. All registrants can pick up their badges at the ACIC Registration Desk during registration hours.

CANCELLATIONNotification of cancellation must be submitted in writing. Refunds for cancellations received by April 9, 2018 will be subject to a $100 cancellation fee. No refunds will be made for cancellations after April 9th. Substitutions are allowed at any time but must be submitted in writing to:

ACIC ADMINISTRATIVE OFFICE 14070 Proton Road, Suite 100

Dallas, Texas 75244 Fax: 972-490-4219 Email: office@aciclaw.org

CLE ACCREDITATIONThe ACIC has been certified as an accredited provider of Continuing Legal Education in the states of New York and Illinois. Attorneys from other jurisdictions may also be eligible for CLE credits. Individuals may obtain a copy of the Financial Hardship Policy and application procedure by contacting the ACIC Administrative Office at 972-233-9107 x216. Any denial or waiver of fee shall not be based on age, gender, race, color, religion, nationality, ethnic origin, or disability. All information pertaining to the request for relief is held confidential.

HOTEL ACCOMMODATIONSThe Four Seasons Hotel Chicago

120 East Delaware Place Chicago, IL 60611

Phone: 1-312-280-8800 Toll Free: 1-855-900-8608

Contact the hotel directly to book your room no later than March 28th, 2018 to qualify for the ACIC discounted room rate of $355.00 per night, plus applicable taxes. The ACIC room rate will not be available after March 28th. If you experience any problems in booking your room, please contact the ACIC Office at 972-233-9107 x216.