Chicago October Meyer Breakfast

INVESTORS' LUNCHEON

Union League Club, 65 West Jackson, Chicago, October 1-2, 2002

DIALOGUE with DR. LAURENCE H. MEYER
on US Economic Conditions and Outlook

Governor, US Federal Reserve Board, 1996-2002
Senior Advisor, Macroeconomic Advisers, LLC
Distinguished Scholar, Center for Strategic & International Studies

Attendees:
OCTOBER 1, 2002 - BREAKFAST - 8:00-9:30 AM

1. MacArthur Foundation, Lyn Hutton, Chief Investment Officer
2. Northern Trust, Paul Kasriel, Chief Economist
3. Northern Trust, Asha Bangalore, Economist
4. University of Chicago, Philip Halpern, Chief Investment Officer
5. University of Chicago, Carla McGuire, Director of Investments
6. Bank One, Dana Johnson, Director of Research
7. ABN AMRO, Michael Grasher, Senior Equity Analyst
8. Harris Investment Management, Dan Sido, Senior Partner, Portfolio Manager

OCTOBER 1, 2002 - LUNCH - 12:30-2:30 PM

1. Stein Roe Investment Counselors, Alfred Kugel, Sr. VP, Macro Strategy
2. Stein Roe Investment Counselors, Andrew Lang, Director, Fixed Income
3. Northern Trust, Orie Dudley, Chief Investment Officer
4. ABN AMRO (LaSalle Bank) John Erickson, Dir. of Fixed Income, Private Asset Mgt.
5. UBS Global Asset Management, Jeff Diermeier, Chief Investment Officer
6. Brinson Foundation, Tim Dolan, Investment Manager

OCTOBER 2, 2002 - BREAKFAST - 8:00-9:30 AM

1. Northwestern University, Will McLean, Chief Investment Officer
2. UBS Warburg, Susan Hering
3. ABN AMRO, Kevin Condon, Sr. VP, Corporate Development
4. Doerge Capital, David Doerge, President

Federal Reserve Governor (1996-2002) Dr. Laurence Meyer discusses his economic prognosis with investors over breakfast at Chicago's Union League Club, October 1, 2002.

Far side of table, L to R: ABN-AMRO, Michael Grasher, Senior Equity Analyst, NORTHERN TRUST, Asha Bangalore, Economist, MacARTHUR Foundation, Lyn Hutton, CIO

Near side of table, L to R: BANK ONE, Dana Johnson, Director of Research MACROECONOMIC Advisers, Inc. Dr.Laurence Meyer (speaking) UNIVERSITY OF CHICAGO, Philip Halpern, CIO

L to R: UNIVERSITY OF CHICAGO, Philip Halpern, CIO MACROECONOMIC Advisers, Inc., Dr. Laurence Meyer (speaking) BANK ONE, Dana Johnson, Director of Research NORTHERN TRUST, Paul Kasriel, Chief Economist

L to R (far side of table) HARRIS Investment Management Dan Sido, Senior Partner, Portfolio Manager UNIVERSITY OF CHICAGO, Carla McGuire, Director of Investments NORTHERN TRUST, Asha Bangalore, Economist,

At a breakfast on October 2, 2002 with different investors, Dr.Meyer goes into detail about the economic impact of a US attrack on Iraq, under four different war scenarios developed with the Center for Strategic and International Studies.

L to R around the table: MACROECONOMIC Advisers, Dr. Laurence Meyer MESIROW Financial, Bill Goetz, Portfolio Manager UBS WARBURG, Susan Hering, Chief US Economist NORTHWESTERN University, Will MacLean, CIO

L to R: ABN-AMRO, Kevin Condon, Sr.VP, Corporate Development NORTHWESTERN University, Will MacLean, CIO MACROECONOMIC Advisers, Dr. Laurence Meyer