AUDIT commITTee InsTITUTe

Risk Oversight in an Evolving EnvironmentPressure Points, Priorities, and Oversight Challenges

Special Briefing: IFRS

Audit Committee Roundtable Series May/June 2008

KPmG LLP

© 2

008

KP

MG

LLP

, a U

.S. l

imite

d lia

bilit

y pa

rtne

rshi

p an

d a

mem

ber f

irm o

f the

KP

MG

net

wor

k of

inde

pend

ent m

embe

r firm

s af

filia

ted

with

KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e.

All

right

s re

serv

ed. P

rinte

d in

the

U.S

.A. K

PM

G a

nd th

e K

PM

G lo

go a

re re

gist

ered

trad

emar

ks o

f KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. 1

9260

NS

S

CONTACT ACIwww.auditcommitteeinstitute.com

1-877-KPMG-ACI (576-4224) auditcommittee@kpmg.com

© 2

008

KP

MG

LLP

, a U

.S. l

imite

d lia

bilit

y pa

rtne

rshi

p an

d a

mem

ber f

irm o

f the

KP

MG

net

wor

k of

inde

pend

ent m

embe

r firm

s af

filia

ted

with

KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e.

All

right

s re

serv

ed. P

rinte

d in

the

U.S

.A. K

PM

G a

nd th

e K

PM

G lo

go a

re re

gist

ered

trad

emar

ks o

f KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. 1

9260

NS

S

© 2

008

KP

MG

LLP

, a U

.S. l

imite

d lia

bilit

y pa

rtne

rshi

p an

d a

mem

ber f

irm o

f the

KP

MG

net

wor

k of

inde

pend

ent m

embe

r firm

s af

filia

ted

with

KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e.

All

right

s re

serv

ed. P

rinte

d in

the

U.S

.A. K

PM

G a

nd th

e K

PM

G lo

go a

re re

gist

ered

trad

emar

ks o

f KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. 1

9260

NS

S

How Are the Board, Audit Committee—and Management—Responding to Risk in the Current Environment?

Corporate Directors and Officers:

The current business environment—the economic downturn, the credit crunch, and increased volatility—has put tremendous pressure on businesses in many industries and around the world. It has also increased the risks companies face—financial, strategic, and operational. How management is addressing these risks is a top priority for audit committees and boards, and is impacting their agendas and oversight in critical ways. What are the challenges and concerns facing audit committees today, and how are they addressing these issues?

It is our pleasure to invite you to participate in KPMG’s Spring 2008 Audit Committee Roundtable series, Risk Oversight in an Evolving Environment—Pressure Points, Priorities, and Oversight Challenges. During these highly interactive forums, to be held in more than 30 cities this spring, we will consider the audit committee’s role in overseeing key risks related to an economic downturn, including liquidity, access to capital, and the increased risk of earnings management. We also will explore how audit committees are addressing concerns about the quality of the company’s risk intelligence, including the adequacy of risk inventories and assessments.

These roundtables will feature a special briefing on International Financial Reporting Standards (IFRS), including key considerations for audit committees in their oversight of IFRS conversion and implementation.

The Spring 2008 series promises to be another enlightening and highly rewarding experience. We hope you can join us.

Henry R. Keizer Edward F. Smith

Global Head of Audit, KPMG International Executive Director

U.S. Vice Chair—Audit, KPMG LLP KPMG’s Audit Committee Institute

© 2

008

KP

MG

LLP

, a U

.S. l

imite

d lia

bilit

y pa

rtne

rshi

p an

d a

mem

ber f

irm o

f the

KP

MG

net

wor

k of

inde

pend

ent m

embe

r firm

s af

filia

ted

with

KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e.

All

right

s re

serv

ed. P

rinte

d in

the

U.S

.A. K

PM

G a

nd th

e K

PM

G lo

go a

re re

gist

ered

trad

emar

ks o

f KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. 1

9260

NS

S

Geared to audit committee members and business executives who interact with them, the roundtable discussion will also address important questions, such as:

• What are some of the significant recession-related risks facing companies, and how are audit committees and boards overseeing the management of these risks? What activities may expose the company to the current “credit crunch” market conditions?

• How can the audit committee/board help ensure that the company’s process for identifying and assessing risks is thorough and transparent?

• How can the audit committee help reinforce an appropriate culture and tone throughout the organization—particularly given the increased pressures on management during an economic downturn?

Special Briefing: IFRS Each roundtable session will feature a special briefing on IFRS, including an overview and update on recent developments, and consideration of the audit committee’s oversight role—e.g., asking the “right” questions, assessing the impact of IFRS conversion, and monitoring progress.

INDUSTRY-SPECIFIC ROUNDTABLE: MUTUAL FUNDS As described in the following section, an Audit Committee Roundtable session designed for the Mutual Funds industry will be held in Boston on May 22, 2008.

REGISTRATION There is no fee for this event. To register for an Audit Committee Roundtable session, please go to www.auditcommitteeinstitute.com, or complete and fax the enclosed registration form. (A list of roundtable dates and locations is included in this brochure.) Should you have any questions, please contact the Audit Committee Institute at 1-877-KPMG-ACI or auditcommittee@kpmg.com.

SEATING IS LIMITED Due to the significant interest in KPMG’s Audit Committee Roundtables, seating will be limited at all locations. Priority will be given to members of boards of directors. (Your registration acceptance will be confirmed before the event.)

CONTINUING EDUCATION CREDITS

The NACD Corporate Directors Institute has accredited this program to provide two continuing education credits (CDEs) for those who hold the Certificate of Director Education. Additionally, continuing professional education (CPE) credits are available to participants, although state boards have final authority on the acceptance and determination of individual course credits.

Risk Oversight in an Evolving EnvironmentPressure Points, Priorities, and Oversight Challenges

© 2

008

KP

MG

LLP

, a U

.S. l

imite

d lia

bilit

y pa

rtne

rshi

p an

d a

mem

ber f

irm o

f the

KP

MG

net

wor

k of

inde

pend

ent m

embe

r firm

s af

filia

ted

with

KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e.

All

right

s re

serv

ed. P

rinte

d in

the

U.S

.A. K

PM

G a

nd th

e K

PM

G lo

go a

re re

gist

ered

trad

emar

ks o

f KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. 1

9260

NS

S

KPMG’s Spring 2008 Audit Committee Roundtables

Atlanta May21•2:30p.m.–5:00p.m. Cherokee Town Club Alston & Bird LLP

Boise June11•8:00a.m.–10:30a.m. Boise Centre on the Grove Hawley, Troxell, Ennis & Hawley LLP

Boston May22•8:30a.m.–10:30a.m. InterContinental Boston

Chapel Hill1 May20•12:30p.m.–3:00p.m. The Carolina Club, George Watts Hill Alumni Center The Research Triangle Chapter of the National Association of Corporate Directors (NACD)

Charlotte1 May21•12:30p.m.–3:00p.m. The Duke Mansion Robinson, Bradshaw & Hinson, P.A.

Chicago May29•9:00a.m.–11:00a.m. The Chicago Club Sidley Austin LLP

Cleveland May20•9:00a.m.–11:00a.m. The Ritz-Carlton, Cleveland Calfee, Halter & Griswold LLP

Dallas May6•8:30a.m.–10:30a.m. The Crescent Club Haynes & Boone LLP; Southern Methodist University

Denver May22•8:30a.m.–11:00a.m. Denver Country Club Cooley Godward Kronish LLP; Colorado State University

Register and view more details online at www.auditcommitteeinstitute.com.

Registration check-in generally begins at least a half hour prior to the start times listed below (exceptions are footnoted). A networking reception typically follows roundtables thatendinthelateafternoon(5:00p.m.or5:30p.m.).

1Registrationandpre-roundtablelunchbeginat11:30a.m.

© 2

008

KP

MG

LLP

, a U

.S. l

imite

d lia

bilit

y pa

rtne

rshi

p an

d a

mem

ber f

irm o

f the

KP

MG

net

wor

k of

inde

pend

ent m

embe

r firm

s af

filia

ted

with

KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e.

All

right

s re

serv

ed. P

rinte

d in

the

U.S

.A. K

PM

G a

nd th

e K

PM

G lo

go a

re re

gist

ered

trad

emar

ks o

f KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. 1

9260

NS

S

© 2

008

KP

MG

LLP

, a U

.S. l

imite

d lia

bilit

y pa

rtne

rshi

p an

d a

mem

ber f

irm o

f the

KP

MG

net

wor

k of

inde

pend

ent m

embe

r firm

s af

filia

ted

with

KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e.

All

right

s re

serv

ed. P

rinte

d in

the

U.S

.A. K

PM

G a

nd th

e K

PM

G lo

go a

re re

gist

ered

trad

emar

ks o

f KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. 1

9260

NS

S

Detroit2 June5•10:00a.m.–12:00p.m. (Birmingham, MI) The Townsend Hotel Butzel Long

Florida (North)4 May15•9:00a.m.–11:30a.m. (Jacksonville, FL) The Renaissance® Resort at World Golf Village Holland & Knight LLP

Florida (South)5 May20•9:00a.m.–11:30a.m. (Miami, FL) The Ritz-Carlton Coconut Grove, Miami

Houston May13•8:30a.m.–10:30a.m. The Houstonian Hotel, Club & Spa Fulbright & Jaworski LLP; Texas A&M University

Kansas City June3•8:30a.m.–10:30a.m. (Overland Park, KS) Sheraton Overland Park Hotel Shughart Thomson & Kilroy P.C.; Stinson Morrison Hecker LLP

Los Angeles June11•8:00a.m.–10:00a.m. JonathanClub–DowntownLosAngeles Gibson, Dunn & Crutcher LLP; University of Southern California; National Association of Corporate Directors (NACD) Southern California Chapter

Milwaukee June11•3:00p.m.–5:00p.m. Hilton Milwaukee City Center Quarles & Brady LLP

Minneapolis May15•3:00p.m.–5:00p.m. MarquetteHotel,IDSCenter–50thFloor Dorsey & Whitney LLP; The Minnesota Chapter of the National Association of Corporate Directors (NACD)

New York3 June12•9:00a.m.–11:30a.m. The Metropolitan Club Sidley Austin LLP

Orange County, CA May15•8:00a.m.–10:00a.m. (Costa Mesa, CA) The Westin South Coast Plaza

2 Post-roundtable lunch begins at noon. 3Businessattirerequired(jacketandtie)atTheMetropolitanClub. 4Post-roundtablelunchandafeaturedkeynotespeakerfrom11:30a.m.–12:30p.m. 5Post-roundtablelunchbeginsat11:30a.m.

© 2

008

KP

MG

LLP

, a U

.S. l

imite

d lia

bilit

y pa

rtne

rshi

p an

d a

mem

ber f

irm o

f the

KP

MG

net

wor

k of

inde

pend

ent m

embe

r firm

s af

filia

ted

with

KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e.

All

right

s re

serv

ed. P

rinte

d in

the

U.S

.A. K

PM

G a

nd th

e K

PM

G lo

go a

re re

gist

ered

trad

emar

ks o

f KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. 1

9260

NS

S

© 2

008

KP

MG

LLP

, a U

.S. l

imite

d lia

bilit

y pa

rtne

rshi

p an

d a

mem

ber f

irm o

f the

KP

MG

net

wor

k of

inde

pend

ent m

embe

r firm

s af

filia

ted

with

KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e.

All

right

s re

serv

ed. P

rinte

d in

the

U.S

.A. K

PM

G a

nd th

e K

PM

G lo

go a

re re

gist

ered

trad

emar

ks o

f KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. 1

9260

NS

S

Philadelphia June3•8:30a.m.–11:00a.m. (King of Prussia, PA) Crowne Plaza Valley Forge Hotel

Phoenix May8•8:00a.m.–10:30a.m. The Ritz-Carlton, Phoenix

Pittsburgh May20•8:00a.m.–10:30a.m. Duquesne Club Buchanan Ingersoll & Rooney PC

Portland, OR June3•8:00a.m.–10:30a.m. EmbassySuitesPortland–Downtown Perkins Coie LLP

San Diego May22•8:00a.m.–10:30a.m. Hilton San Diego Resort San Diego State University School of Accountancy

San Francisco May15•8:00a.m.–10:30a.m. The Ritz-Carlton, San Francisco Pillsbury Winthrop Shaw Pittman LLP

San Juan, P.R5 June13•9:00a.m.–11:30a.m The Ritz-Carlton, San Juan Hotel, Spa & Casino McConnell Valdés

Seattle June4•8:00a.m.–10:30a.m Grand Hyatt Seattle

Short Hills, NJ June9•8:30a.m.–10:30a.m. Hilton Short Hills Wilson Elser Moskowitz Edelman & Dicker LLP

Silicon Valley June13•8:00a.m.–10:30a.m. (Santa Clara, CA) Hyatt Regency Santa Clara

St. Louis June11•3:00p.m.–5:00p.m. (Clayton, MO) TheRitz-Carlton,St.Louis Bryan Cave LLP; Saint Louis University

Washington, D.C. June5•8:00a.m.–10:00a.m. (McLean, VA) The Ritz-Carlton, Tysons Corner Latham & Watkins LLP; The Capital-Area Chapter of the National Association of Corporate Directors (NACD)

5Post-roundtablelunchbeginsat11:30a.m.

© 2

008

KP

MG

LLP

, a U

.S. l

imite

d lia

bilit

y pa

rtne

rshi

p an

d a

mem

ber f

irm o

f the

KP

MG

net

wor

k of

inde

pend

ent m

embe

r firm

s af

filia

ted

with

KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e.

All

right

s re

serv

ed. P

rinte

d in

the

U.S

.A. K

PM

G a

nd th

e K

PM

G lo

go a

re re

gist

ered

trad

emar

ks o

f KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. 1

9260

NS

S

© 2

008

KP

MG

LLP

, a U

.S. l

imite

d lia

bilit

y pa

rtne

rshi

p an

d a

mem

ber f

irm o

f the

KP

MG

net

wor

k of

inde

pend

ent m

embe

r firm

s af

filia

ted

with

KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e.

All

right

s re

serv

ed. P

rinte

d in

the

U.S

.A. K

PM

G a

nd th

e K

PM

G lo

go a

re re

gist

ered

trad

emar

ks o

f KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. 1

9260

NS

S

MUTUAL FUNDSBoston6 May22•10:45a.m.–12:15p.m. InterContinental Boston

KPMG’s Mutual Funds session is designed to address concerns facing investment management firms and mutual fund trustees or directors. The program is structured to elicit discussion as well as to exchange views and insights on current topics and challenges facing board governance and fund management. A distinguished panel of industry executives will provide their perspective on topics that are impacting the fund marketplace.

ThoseoutsidetheBostonareamayjointhissessionvia audio Webcast. To register for the Mutual Funds session, please visit www.us.kpmg.com/events/ne/acimutualfunds.

Industry-Specific Audit Committee Roundtable

6Alightsnackwillbeprovidedat10:45a.m.

© 2

008

KP

MG

LLP

, a U

.S. l

imite

d lia

bilit

y pa

rtne

rshi

p an

d a

mem

ber f

irm o

f the

KP

MG

net

wor

k of

inde

pend

ent m

embe

r firm

s af

filia

ted

with

KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e.

All

right

s re

serv

ed. P

rinte

d in

the

U.S

.A. K

PM

G a

nd th

e K

PM

G lo

go a

re re

gist

ered

trad

emar

ks o

f KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. 1

9260

NS

S

© 2

008

KP

MG

LLP

, a U

.S. l

imite

d lia

bilit

y pa

rtne

rshi

p an

d a

mem

ber f

irm o

f the

KP

MG

net

wor

k of

inde

pend

ent m

embe

r firm

s af

filia

ted

with

KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e.

All

right

s re

serv

ed. P

rinte

d in

the

U.S

.A. K

PM

G a

nd th

e K

PM

G lo

go a

re re

gist

ered

trad

emar

ks o

f KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. 1

9260

NS

S

KPMG’s Audit Committee InstituteCommunicating with Audit Committees Since 1999

Since 1999, KPMG has sponsored the Audit Committee Institute (ACI) as a resource for audit committee members and senior management. ACI’s mission: to communicate with audit committee members and those who interact with them to enhance their awareness of, commitment to, and ability to implement effective audit committee processes. ACI interacts with thousands of directors and officers annually through our national Roundtable Series, Annual Issues Conference, and other governance forums. We offer insights and information on audit committee practices and priorities through an array of ACI publications and resources (online at www.auditcommitteeinstitute.com), and through Audit Committee Insights (www.kpmginsights.com), a complimentary, biweekly e-mail alert from KPMG.

© 2

008

KP

MG

LLP

, a U

.S. l

imite

d lia

bilit

y pa

rtne

rshi

p an

d a

mem

ber f

irm o

f the

KP

MG

net

wor

k of

inde

pend

ent m

embe

r firm

s af

filia

ted

with

KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e.

All

right

s re

serv

ed. P

rinte

d in

the

U.S

.A. K

PM

G a

nd th

e K

PM

G lo

go a

re re

gist

ered

trad

emar

ks o

f KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. 1

9260

NS

S

For more information and to register online, visit www.auditcommitteeinstitute.com.

Please reply at least one week before the roundtable session you wish to attend. You may also register by completing the Fax Registration Form under this flap.

© 2

008

KP

MG

LLP

, a U

.S. l

imite

d lia

bilit

y pa

rtne

rshi

p an

d a

mem

ber f

irm o

f the

KP

MG

net

wor

k of

inde

pend

ent m

embe

r firm

s af

filia

ted

with

KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e.

All

right

s re

serv

ed. P

rinte

d in

the

U.S

.A. K

PM

G a

nd th

e K

PM

G lo

go a

re re

gist

ered

trad

emar

ks o

f KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. 1

9260

NS

S

Fax Registration Form

Please reply at least one week before the roundtable session you wish to attend. We encourage you to register online at www.auditcommitteeinstitute.com. You may also register by completing this form and faxing it to 201-505-2284. We ask that you complete the entire form to ensure prompt and accurate registration. There is no fee for this event.

Note: Due to the significant interest in KPMG’s Audit Committee Roundtables, seating will be limited at all locations. Priority will be given to members of boards of directors, so please indicate your current board affiliations. Confirmation of your registration acceptance will be made before the event. Please indicate below how you would like to be contacted.

*Required Field

Please confirm my registration by* e-Mail Fax

First name* MI Last name*

Title* Company*

Primary mailing address*

City/State/Zip*

Telephone* Fax e-Mail

Preferred first name for identification badge (if different from above)

Do you currently serve on an audit committee?* Yes No

If yes, is the company listed on a public stock exchange? Yes No

Please list the companies for which you serve as a director.

Do you also serve on other committees of the board? Yes NoIf yes, which committees?

Please list the roundtable location(s) you would like to attend this spring. (Please indicate if industry-specific.)

What issue will pose the greatest challenge for your audit committee(s) in the current economic environment?

I would like to learn more about becoming an “ACI Member” (at no cost).

I would like to receive ACI communications electronically.

I would like to receive the electronic publication, KPMG’s Audit Committee Insights.

We look forward to seeing you at KPMG’s Spring 2008 Audit Committee Roundtable.

© 2

008

KP

MG

LLP

, a U

.S. l

imite

d lia

bilit

y pa

rtne

rshi

p an

d a

mem

ber f

irm o

f the

KP

MG

net

wor

k of

inde

pend

ent m

embe

r firm

s af

filia

ted

with

KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. A

ll rig

hts

rese

rved

. Pr

inte

d in

the

U.S

.A. K

PM

G a

nd th

e K

PM

G lo

go a

re re

gist

ered

trad

emar

ks o

f KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. 1

9260

NS

S

© 2

008

KP

MG

LLP

, a U

.S. l

imite

d lia

bilit

y pa

rtne

rshi

p an

d a

mem

ber f

irm o

f the

KP

MG

net

wor

k of

inde

pend

ent m

embe

r firm

s af

filia

ted

with

KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e.

All

right

s re

serv

ed. P

rinte

d in

the

U.S

.A. K

PM

G a

nd th

e K

PM

G lo

go a

re re

gist

ered

trad

emar

ks o

f KP

MG

Inte

rnat

iona

l, a

Swis

s co

oper

ativ

e. 1

9260

NS

S

Cosponsors of the roundtable series are independent firms, separate and distinct from KPMG International and its member firms. KPMG LLP (U.S.) does not provide legal services.

All information provided is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate profes-sional advice after a thorough examination of the particular situation.

© 2008 KPMG LLP, a U.S. limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. Printed in the U.S.A. 19260NSS

KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.

KPMG, LLP is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org.