Today’s Uncertainty, Tomorrow’s Opportunity. Getting It Right: Balancing Risk & Reward

THE 15TH ANNUAL & CONFERENCE JANUARY 30, 2009 ALFRED LERNER HALL AT , NEW YORK www.cbspevcconference.com 15TH ANNUAL COLUMBIA BUSINESS SCHOOL PRIVATE EQUITY & VENTURE CAPITAL CONFERENCE FRIDAY, JANUARY 30, 2009 ALFRED LERNER HALL AT COLUMBIA UNIVERSITY

PRESENTED BY: COLUMBIA BUSINESS SCHOOL PRIVATE EQUITY & VENTURE CAPITAL CLUB AND COLUMBIA BUSINESS SCHOOL PRIVATE EQUITY PROGRAM

SPONSORS:

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

2 LETTER FROM THE CONFERENCE CO-CHAIRS

On behalf of Columbia Business School’s Private Equity and Venture Capital Club and The Private Equity Program, we are delighted to welcome you to our 15th annual Private Equity & Venture Capital Conference.

This year, our conference will draw some 700 alumni, professionals, and students to Lerner Hall, for informative discussions on emerging trends in the private equity and venture capital communities. The purpose of our confer- ence is to educate and provide a forum for interaction among those active in private equity and venture capital. In addition, as the club’s largest annual event, the conference seeks to highlight Columbia Business School’s commitment to private equity and venture capital and its position as one of the leading mentors to the next gen- eration of industry talent.

We are pleased to be offering for the first time three panels featuring case studies exploring the fruitful relation- ships that can exist between management and their private equity and venture capital financial sponsors, as well as third party advisors. By including representatives from management, the and advisors, our goal is to present interesting perspectives from all sides of each partnership.

Since last year’s conference, we have experienced a period of dramatic uncertainty and rapid consolidation that has resulted from turbulence within the credit markets. We feel that this year’s speakers will offer unique insights into the opportunities that currently exist despite these conditions, lending credence to our theme of “Today’s Uncertainty, Tomorrow’s Opportunity.” We are extremely grateful for the participation of each of our keynote speak- ers and panelists, and for the guidance from Professor Laura Resnikoff, Director of the Private Equity Program.

Regards,

William Dick Michael Sand Nadeja Zaets VP - Marketing VP - External Relations VP - Logistics

CO-PRESIDENTS AND CONFERENCE COMMITTEE

Co-Presidents, PEVC Club AVP Conference, PEVC Club

Jason Mueller ’09 Rinat Becher ’10 Ben Siscovick ’09 Ross Clark ’10 Jacob Furst ’10 Sarah ’10 VP Conference, PEVC Club Ryan McGovern ’10 Patrick O’Grady ’10 William Dick ’09 Jade Opper ’10 Michael Sand ’09 Robert Schneider ’10 Nadeja Zaets ’09 Diana Stastny ’10

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

3 TABLE OF CONTENTS

PRIVATE EQUITY & VENTURE CAPITAL CLUB 65 VENTURE CAPITAL COMPETITION 65 SPRING INTERNSHIP PROGRAM 65

PRIVATE EQUITY & VENTURE CAPITAL ACTIVITIES 76 DFJ EAST COAST VENTURE CHALLENGE 76 THE 76

PRIVATE EQUITY PROGRAM 87

CAREER MANAGEMENT CENTER 1110

PRIVATE EQUITY & VENTURE CAPITAL CONFERENCE 1312 CONFERENCE AGENDA 1312 KEYNOTE SPEAKERS 1413 PANEL DISCUSSIONS 1615 SPEAKERS 1817 SPONSORS 2827 CHAIRMAN’S CIRCLE SPONSORS 2827 CHAIRMAN’S CIRCLE MEDIA SPONSORS 2827 PARTNER’S CIRCLE SPONSORS 2928 SUPPORTER’S CIRCLE SPONSORS 2928 SPECIAL CONTRIBUTORS 2928 MEDIA FRIENDS 2928

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

4 PRIVATE EQUITY & VENTURE CAPITAL CLUB

Columbia Business School attracts growing numbers of students with prior experience in private equity and venture capital as well as students who are interested in entering the industry upon graduation. The club continues to be one of the largest on campus, with over 600 members. The club provides opportunities for members to stay engaged in current developments within the private equity and venture capital industry, network with industry professionals, continue their careers in the indus- try and meet fellow students and alumni who share similar interests.

In addition to hosting the annual Private Equity and Venture Capital Conference, the club offers students a full range of programs throughout the academic year. These programs focus on real time issues and transactions as well as industry fundamentals and include guest speakers and case studies presented by firms.

The Private Equity and Venture Capital Club initiatives include: Involvement with various case competitions Spring semester internship program Educational and networking events For more information, please visit the club website: www.cbspevc.com

VENTURE CAPITAL INVESTMENT COMPETITION & SOCIAL VENTURE CAPITAL INVESTMENT COMPETITION The Venture Capital Investment Competition (VCIC) and the Social Venture Capital Investment Competition (SVCIC) are na- tional events which allow students to compete in the role of venture capitalists analyzing real business plans from entrepre- neurs and social entrepreneurs seeking venture funding. Columbia Business School’s internal VCIC and SVCIC will be held on February 29, 2008. The winners of the internal competitions will represent Columbia and compete against other top MBA programs at the respective national competitions in March and April.

SPRING INTERNSHIP PROGRAM The program provides current Columbia MBA students who are members of the Private Equity and Venture Capital Club with internship opportunities at area private equity and venture capital firms. The objectives of the program are (i) to provide Columbia Business School students experience in the PEVC industry and (ii) to provide firms with access to a pool of highly-motivated and skilled students who are interested in internships. Student interns agree to work pro bono the equivalent of 10 full working days (typically one day per week over the spring semester) at participating firms during the 2009 Spring Semester.

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If your firm is interested in learning more about the Spring Internship Program, please contact the VP of Career Development, Pete Henderson at [email protected].

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

5 PRIVATE EQUITY AND VENTURE CAPITAL CLUB ACTIVITIES

DFJ EAST COAST VENTURE CHALLENGE The Draper Fisher Jurvetson Gotham Ventures East Coast Venture Challenge, co-sponsored by Columbia Business School, is a “best of the best” student business plan competition where the best student entrepreneurs from each Ivy League school, NYU and Carnegie Mellon compete for $250,000 in seed stage funding, one of the largest venture purses in the country.

For more information, please visit http://www.dfj.com/eastcoastvc/.

THE CARRIED INTEREST Coverage of the 2009 Private Equity and Venture Capital Conference will be published in The Carried Interest, a publication targeted to Columbia Business School alumni and professionals in the private equity and venture capital communities. To be added to the Carried Interest distribution list, please contact Angelo Rufino [email protected] .

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

6 PRIVATE EQUITY PROGRAM A Message from Professor Laura Resnikoff

Now in its second year, the Private Equity Program has touched each of its constituent groups with innovative offerings that promote learning, with career development and with the Columbia Business School community in this industry. Here are some of the highlights for the 2008–09 academic year.

Private Equity in the Classroom

During the 2009 spring semester, I am offering another new private equity course, an elective block-week for the Executive MBA population, to be held in Dubai: Investment Evolution and Opportunities in the MENA (Middle Eastern and North African) Region. Our alumni in this region, current EMBA students and Columbia Business School friends have been extraordinarily generous in providing introductions to outstanding business, political and social leaders in Dubai. This inaugural course rep- resents a significant potential for Columbia Business School’s longer-term, broad-scale development in the MENA region.

Also in this upcoming spring semester, JPMorgan Chase & Co. fixed-income researcher Margaret Cannella ’76 is again of- fering an elective about private equity and the capital markets. Based upon a biennial survey of all of Columbia Business School’s cohorts’ course offerings in the private equity, venture capital and restructuring areas, this was a novel course when it was introduced in spring 2008, and I am pleased to see it continue this year.

Planning ahead for fall semester 2009, Roger Leeds, Professor and Director, Center for International Business and Public Policy Johns Hopkins University (SAIS) and Chairman, Emerging Markets Private Equity Association will offer an elective course about private equity investing in emerging markets.

In the 2008 fall semester, 60 full-time MBA students and some 40 EMBA students completed the new course Private Equity — An Asset Class, Its and Its Markets, which was designed to help current students develop a deeper under- standing of the private equity industry as a business model. Two outstanding practitioners joined with me to develop this course. Because of their outstanding out-of-the-box teaching experience, we invited both Gwyneth Ketterer ’91, chief operat- ing officer for Irving Place Capital, and Chris Kojima, managing director and cohead, alternative investments and manager selection, for , to sign up for subsequent semesters. Columbia Business School now has the template of this course, which others — both practitioners and full-time faculty — can use to offer in future semesters.

During the 2008 spring semester, together with Pine Brook Road Partners managing director and Columbia Business School Board of Overseers member Arnold Chavkin ’77, I offered the inaugural Master Class in private equity. This select, by- application-only group of students studied the Hertz transaction in depth, and we were privileged to welcome most of the transaction’s and company’s key players to our classroom. A special thank you to the Clayton, Dubilier & Rice partners who helped us “persuade” many of those participating that engaging with a group of bright, informed Columbia Business School students would be fun.

Prospective Students

I am very, very proud that the Private Equity Program already is honored with an endowed scholarship. Jeff Barber ’01 has endowed the Barber Family Scholarship to provide “need-based financial support in the form of a scholarship. . . . When pos- sible, a preference should be given to students with a background or interest in private equity.”

Columbia Business School is successfully attracting and admitting more and more students who already have backgrounds in the private equity industry. The Admissions office and the Private Equity Program have inaugurated several programs to increase the desired yield: the Private Equity Program was the pioneer for Admissions’ pilot program to set up an industry group of alumni to match prospective students with alumni interviewers with the same industry interest. The Private Equity Program’s Advisory Board members reach out to admitted students either from or with interest in the private equity industry. We know that these phone calls make a difference in students’ decision making.

(continued next page)

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

7 Transition to Employment

Every year, growing numbers of firms from every phase of the private equity industry come to the Office of Career Manage- ment and the Private Equity Program with employment opportunities, both full-time and summer internships, for current students and alumni. Clearly, the increased market awareness of Columbia Business School’s significant number of alumni active in every phase of private equity, together with the many ways the Private Equity Program creates more opportunities, is reaping rewards. Please refer to page 10 for a list of this year’s firms who recruited either on campus or through the online Columbia Business School system.

Here are a few more initiatives to help students learn about the industry and navigate the job search:

rThe Private Equity Interviewing Workshop. Begun in spring 2008 and now offered each semester, the Private Equity Program has inaugurated the Private Equity Interviewing Workshop. The purpose of the workshop is to help students understand what is expected in a private equity industry interview; two current students with extensive industry experi- ence conduct a mock interview. More than 100 students attend each offering.

rThe Private Equity Breakfast Series. Twice each semester, a dozen students selected by lottery and members of the Private Equity Program’s virtual team from the Offices of Career Management and External Relations and Development, visit a graduate in the private equity industry at his or her firm. Now in its sixth year, for many students this program is literally the first time they have entered a private equity firm office: the experience leaves an indelible impression. Visits run the gamut of the private equity industry: early stage, late stage, distressed investing principals, dedicated consul- tants, family firm, financial sponsor groups, limited partners, placement agent, secondaries.

rPrivate Equity Pathway. Now in its third year, this mentoring program connects EMBA students with private equity industry experience to full-time students. This experience has given both populations opportunities for connections that all hope will last their lifetimes. With generous funding provided by Patrick Dalton ’97 — the Patrick Dalton Private Equity Pathway Fund — the Pathway program is the first of a much broader and deeper set of similar opportunities between alumni and students, and among alumni, that the Private Equity Program hopes to build.

rSenior Executive Recruiter Days. Each semester, a dozen students, chosen by application, spend a half hour with one of the two very senior recruiters in the private equity industry, who volunteer a full day of their time and offer insights to Columbia Business School students about career development.

Alumni Collaborations

The Private Equity Program has organized and hosted multiple successful events for alumni and industry practitioners, work- ing in collaboration with the Columbia Business School Alumni Clubs of New York and , the Asian Alumni Association, London Business School and Arthur D. Little. I am most pleased to report that for each sponsored event the respective com- mercial entity has re-upped, so that there is now a regular calendar of annual events.

In November 2008, the Private Equity Program cosponsored, with Columbia Law School, its sixth Deals Roundtable. Focused on financial institutions and private equity, this event brought together outstanding practitioners and academics engaged in robust discussion about the topical issue of “The Propriety and Perils of Bailing Out Failing Financial Institutions.”

With the imaginative support offered by Matt McCooe ’99 and Alex Ferrara ’04, who started and funded the first-year dinners, groups of East Coast Columbia Business School alumni in venture capital now gather together twice yearly to enjoy one an- other’s company and to share investment theses.

Private Equity Program — Out and About In the summer of 2008, I had the honor to present to the Federal Reserve examiners responsible for leveraged loans within the banking system, in addition to other academic and practitioner groups. Please refer to the Private Equity Program Web site, www.gsb.columbia.edu/privateequity, for details about each of these programs.

(continued next page) 15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

8 Private Equity & Venture Capital Club

Both the Private Equity Program and the Private Equity and Venture Capital Club provide students the opportunity to learn from one another and to listen to leading practitioners address au courant issues. In association with today’s conference, the club offers a series of young alumni panel discussions, bringing recent graduates back to campus to engage with cur- rent students about topics of intense interest, especially about employment opportunities. The club spearheads the annual initiative to develop spring internships, a vital opportunity for current students to advance their career development. Please refer to page 5 for more information.

GOING FORWARD

To further build more connections among Columbia Business School alumni in the private equity industry and to deepen the sense of goodwill between alumni and future generations of alumni, the Private Equity Program is committed to the very un- glamorous but indispensible effort to build a relationally rich database of Columbia Business School alumni and their firms in the private equity industry, with a very broad industry definition applied. I am confident that in the years to come, Columbia Business School alumni and private equity industry practitioners worldwide will witness the benefits of this effort.

This year’s accomplishments reflect the wonderful support and collaboration so many have offered. Whenever I seek guid- ance or an introduction, whenever I reach out to ask someone to participate in this conference, an event, a classroom presen- tation, whenever I can deepen relations among Columbia Business School alumni, I understand the dynamism and strength of the Columbia Business School network. I know that together we will build, step-by-step, more opportunities to forge the future of the private equity industry.

Fore more information, visit www.gsb.columbia.edu/privateequity

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

9 CAREER MANAGEMENT CENTER

The Career Management Center salutes organizations in Private Equity and Venture Capital that recruit and hire MBAs from Columbia Business School. Thank you!

Select full time and summer internship recruiting companies from recent years:

Abbott Capital JF Capital Acap Partners Latour Capital Access Industries Lindsay Goldberg Actis Capital Macquarie Alvarez & Marsal MCG Global Ambrose Capital Partners Milestone Venture Partners American Capital Strategies Miller Buckfire & Co. American Securities MissionPoint Capital Partners LLC MMC North America Apollo Management, L.P. Mubadala Development Company Atlas Capital MVC Capital Auda International NDC Investments BlackRock Equity Partners North Castle Partners, LLC Candover Nubuke Investments Carthage Capital Onex Real Estate Partners Chart Venture Partners The Parthenon Group CIM Group, Inc. Partnership Equity Circle Peak Capital Pegasus Capital Advisors Citadel Capital PEI Funds Alternative Investments Post Capital Partners Clayton, Dubilier & Rice Promethean Investments Coller Capital Prospect Capital Management Conduit Capital Quilvest USA Cortec Group RAF Industries CRCI capital investment Relativity Capital LLC Securities RHJ International DC Capital Partners, LLC Rhone Capital LLC DFJ Gotham Ventures Ripplewood Holdings International DLJ Merchant Banking Ropart Asset Management Dolpin Capital Partners Rose Tech Ventures EG Capital Group, LLC RRE Ventures Equator Environmental Science & Technology Ventures Eugene Asset Management Seaport Capital Ferrer Freemand and Company Sequoia Capital (HK) Founders Equity SFI Financial Group Franklin Resources, Inc. Silverline Partners Gávea Investimentos SJF Ventures Global Environment Fund Small Enterprise Assistance Funds GoldenTree Insite Partners Spectrum Equity Investors Goldman Sachs The Sterling Group GP Investments Stone Arch Capital Great Hill Partners, LLC Stonehenge Capital Partners Greenbriar Equity Group LLC Sycamore Ventures Groupe Fonciere des Regions Temasek Holdings H.I.G. Capital The Compass Group HealthpointCapital TPG Capital LLP Hicks Holdings LLC Triton Pacific Capital Partners The Indigo Group Updata Partners Indochina Development Partners, L.P. Viking Global Industry Ventures W Capital Intermedia Partners LLC Investcorp Welsh, Carson, Anderson & Stowe Investor Zelnick Media J.F. Lehman & Company Let us help you attain your MBA hiring goals. Please post opportunities at www.gsb.columbia.edu/jobpost or call us at 212.854.5471 to find out more about our outstanding students and the services that we offer.

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

1010 Select full time and summer internship recruiting companies from recent classes:

Abbott Capital Investor Growth Capital Access Industries J.F. Lehman & Company Advent International Corporation KPS Special Situation Funds AIG Lincolnshire Management Inc Altus Capital Partners Lindsay Goldberg American Capital LLR Partners American Securities Macquarie Holdings (USA) Inc. Ameriquest Capital MCG Global Apax Partners Milestone Capital Management Apprise Media Millennium Technology Ventures Bear New York Life Capital Partners BlackRock Equity Partners NIB Capital Private Equity NJTC Venture Fund Carrot Capital Healthcare Ventures Onex Real Estate Partners Carthage Capital Overseas Private Investment Corporation Catalyst Investors The Parthenon Group Cerberus Capital Partners Pegasus Capital Advisors Chadraw Partnership Post Capital Partners Cherokee Investment Fund Promethean Investments Citigroup Alternative Investments Protostar Partners Citigroup Private Equity Radius Ventures Clayton, Dubilier & Rice RAF Industries Coller Capital RHJ International Columbia Science & Technology Ventures Rho Capital Partners Community Development Venture Capital Alliance Ropart Investments Credit Suisse Securities RoseTech Ventures Descon Capital RRE Ventures DFJ Gotham Ventures Saratoga Partners Dimensional Fund Advisors Scotia Capital Dolpin Capital Partners SCP Private Equity Partners Draper Fisher Jurvetson Gotham Ventures Seaport Capital Eckford Group Secured Capital EG Capital Group, LLC Sequoia Capital (HK) Emerging Markets Partnership SFI Financial Group EOS Partners Silicon Alley Venture Partners Expansion Capital Partners SJF Ventures Exponent Private Equity Sky Private Equity Founders Equity Small Enterprise Assistance Funds Franklin Resources, Inc. Stearns & Co. Inc. Fremont Reality Capital Sterling Group, The General Atlantic Parnters Stone Arch Capital Gerschel & Co Stonehenge Capital Partners Global Finance S.A. SunGard Data Systems Goldman Sachs Sycamore Ventures Goode Partners Three Cities Research Gradient Partners Trimaran Capital Partners Great Hill Partners, LLC Triton Pacific Capital Partners Greenbriar Equity Group LLC TZG Partners Groupe Fonciere des Regions Updata Venture Partners GSC Partners H.I.G. Capital W Capital Partners HSBC Capital Western Capital Partners Industry Ventures Whitehall Funds Intermedia Partners LLC Wicks Group Interregnum Zon Capital Partners

Please post opportunities at www.gsb.columbia.edu/jobpost or call the Career Management Center at 212.854.5471 to find out more about the outstanding students and services offered.

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

1112 PRIVATE EQUITY & VENTURE CAPITAL CONFERENCE

CONFERENCE AGENDA FRIDAY, JANUARY 30, 2009 Alfred Lerner Hall at Columbia University Broadway at 116th Street, New York, NY 10027

7:45 – 8:45 Registration & Breakfast Broadway Lobby

8:45 – 9:00 Opening Remarks Roone Arledge Auditorium by Dean Glenn Hubbard

9:00 – 10:00 Morning Keynote Address Roone Arledge Auditorium by Robert Pittman, Founder of Pilot Group, LLC.

10:00 – 10:15 Coffee Break

10:15 – 11:30 Panel Session 1

Roone Arledge Cinema (2nd floor) Distressed Investment Panel: Case Sudy: Calpine’s Restructuring

Broadway Room Venture Capital Panel: “If it ain’t broke…” Does the VC Model Need Fixing?

Room 555 (5th floor) Private Equity Panel: Looking Through the Window: Real Estate Private Equity’s Capital Opportunity

11:45 – 12:45 Luncheon Interview Roone Arledge Auditorium with George M.C. Fisher, Senior Advisor of & Company Conducted by Kirk Radke, Partner, Kirkland & Ellis

12:45 – 1:30 Networking Luncheon Roone Arledge Auditorium

1:45 – 3:00 Panel Session 2

Roone Arledge Cinema (2nd floor) Private Equity Panel: Case Study: The Carve-out of Dialogic from Intel

Broadway Room Venture Capital Panel: Case Study: Growing Gerson Lehrman Group

Room 555 (5th floor) Limited Partner Panel: Eye on the Horizon: Long Term LP Thinking in a Volatile Market

3:00 - 3:15 Coffee Break North Lobby

3:15 – 4:15 Afternoon Keynote Address Roone Arledge Auditorium by J. Christopher Flowers, Founder of J.C. Flowers & Co.

4:15 – 4:30 Closing Remarks Roone Arledge Auditorium by Professor Laura Resnikoff ’76, Director of Private Equity Program, Columbia Business School

4:30 – 5:30 Reception Roone Arledge Auditorium

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

1213 KEYNOTE SPEAKERS

Robert W. Pittman Founder of Pilot Group, LLC. Morning Keynote Address

Bob Pittman is a founding member of Pilot Group, LLC, a consumer brand focused private investment firm based in New York. Pilot has investments in broadcast TV and radio; Internet email delivered con- tent publications and other Internet products and services; affinity magazines and clubs; a research company focused on utilizing online techniques and samples; and a specialty chain, as well as numerous venture investments. Mr. Pittman was formerly Chief Operating Officer of AOL Time Warner, and prior to that served as the company’s Co-COO.

Mr. Pittman has played a key role in two major industry revolutions. Until 2001, Mr. Pittman served as President and COO of America Online and in 1981, Mr. Pittman, co-founder of MTV, led the programming team that created the MTV cable network. Mr. Pittman later became COO, then CEO, of MTV Networks, where Mr. Pittman oversaw the continued growth of MTV, the re-launch of Nickelodeon as a kids’ network, the launches of Nick at Nite and VH-1, and the expansion of the company into international markets.

Among his honors, Mr. Pittman has been inducted into the Broadcasting and Cable Hall of Fame and received the Interna- tional Radio and Television Society’s Gold Medal and a Council of Fashion Designers of America (CFDA) award. Mr. Pittman was recognized in Life Magazine’s “Five Original Thinkers of the 80’s,” Advertising Age’s “50 Pioneers and Visionaries of TV” and Business Week’s “Top 25 Executives of 1998.”

Mr. Pittman serves on numerous philanthropic boards including the Robin Hood Foundation, where Mr. Pittman is currently Chairman.

George M.C. Fisher Senior Advisor – Kohlberg Kravis Roberts & Company Luncheon Keynote Interview with Kirk Radke

Prior to becoming a Senior Advisor to Kohlberg Kravis Roberts & Co. in 2003, George M.C. Fisher served as Chairman of the Board, Eastman Kodak Company, from December 1993 to December 2000 and was CEO from December 1993 to January 2000.

Before joining Kodak, Dr. Fisher was chairman and chief executive officer of Motorola, Incorporated. He joined Motorola in 1976, became president and chief executive officer in 1988, and was elected chair- man of the board and chief executive officer in 1990. Prior to Motorola, Dr. Fisher worked ten years in research and develop- ment at Bell Telephone Laboratories.

Dr. Fisher is a member of the board of directors of Visant Corporation and Presiding Director of General Motors Corporation. He is an elected fellow of the American Academy of Arts & Sciences and of the International Academy of Astronautics and is a member of the Council of Retired Chief Executives.

Dr. Fisher is a former Chairman of PanAmSat Corporation and is a past member of the boards of AT&T, American Express Company, Comcast Corporation, Delta Air Lines, Inc., Eastman Kodak Company, Eli Lilly & Company, Hughes Electronics Corporation, Motorola, Inc., Minnesota Mining & Manufacturing, Brown University, and The National Urban League, Inc.

Born in Anna, Illinois, Dr. Fisher received a Bachelor of Science (BS) degree in Engineering (1962) at the University of Illinois, and both a Master of Science (MS) degree in Engineering (1964) and a Ph.D. in Applied Mathematics (1966) from Brown University.

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

1143 KEYNOTE SPEAKERS, continued

Kirk Radke Partner – Kirkland & Ellis

Kirk Radke, named “Best Private Equity Lawyer, U.S.A. 2009” by World Finance magazine, focuses ex- clusively on private equity clients and has handled every type of private equity transaction. Mr. Radke has experience with the spinout of institutional private equity units, representing the principals of in- stitutional private equity units in all aspects of the spinout from the parent institution, the formation of an advisory relationship for the unit’s legacy portfolio, and the formation of the principals’ new funds and related entities. Mr. Radke also has experience with strategic alternatives for private equity firms (including raising public capital for such firms, and mergers or alliances with other private equity firms), carried interest programs and similar arrangements for private equity sponsors, fund formations, acquisitions and recapital- izations, acquisition financing, growth equity investments and realizations of investments.

In addition to numerous philanthropic activities, Mr. Radke is an inaugural member of the Clinton Global Initiative (CGI). Mr. Radke received a J.D. and MBA degree from the University of Virginia and a Bachelor of Arts from Stanford University. J.

Christopher Flowers Chairman and CEO - J.C. Flowers & Co. Afternoon Keynote Address

J. Christopher Flowers is Chairman and Chief Executive Officer of J.C. Flowers & Co. LLC. J.C. Flowers & Co., founded in 1998, is an investment firm specializing in , and has investments largely in the USA, Japan and Europe in banking, and finance. Among the companies as- sociated with J.C. Flowers & Co. are Shinsei Bank, Ltd., HSH-Nordbank AG, and Enstar Group, Ltd. J.C. Flowers & Co. Fund II has committed capital of approximately $7 billion.

Previously, Mr. Flowers was head of the Financial Institutions Group at Goldman Sachs. Mr. Flowers joined Goldman, Sachs & Co. in 1979 in the Department. Mr. Flowers was among the founders of Goldman’s Financial Institutions Group in 1986, and became a general partner of Goldman in 1988. Mr. Flowers also served on Goldman’s Operating Committee. Mr. Flowers left Goldman Sachs in 1998.

Mr. Flowers is chairman of NetsforLife, a program aimed at reducing malaria, and a trustee of the New York Philharmonic Orchestra.

Mr. Flowers graduated magna cum laude in Applied Mathematics from Harvard University in 1979.

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

1154 PANEL DISCUSSIONS

PANEL SESSION 1

Distressed Investment Panel: Case Sudy: Calpine’s Restructuring

Calpine management, its board, advisors and investors in making this restructuring a success.

Christopher Scinta, Moderator Bloomberg News James Bartlett President, LS Power Equity Partners Kenneth A. Buckfire ’87 Managing Director and Co-founder, Miller Buckfire Rick Cieri Partner, Kirkland & Ellis LLP Greg Doody Chief Restructuring Officer, Calpine Corporation

Venture Capital Panel: “If it ain’t broke…” Does the VC Model Need Fixing? This panel will illuminate industry challenges common to VC investors and discuss strategies for making successful VC in- vestments, both in the current market environment and near future. With increasing , weakened returns over the last eight years and VC backed IPOs at a 30-year low, does the VC model need to be revisited?

Dan Primack, Moderator Thomson Financial Roger Ehrenberg ’93 Managing Partner, IA Capital Partners, LLC Jeff Horing Co-Founder and Managing Director, Insight Venture Partners Roger Krakoff Partner, Sigma Partners Laura Sachar ’91 Founding Partner, StarVest Partners

Private Equity Panel: Looking Through the Window: Real Estate Private Equity’s Capital Opportunity where are the opportunities to put capital to work? Is it time to focus on reinvesting in current holdings or pursuing dis- be the determinants of success in this challenging market?

Peter Grant, Moderator Jeffrey A. Barclay ’83 Managing Director, ING Clarion Partners Timothy Morris Managing Director and Global Chief Investment Officer, Real Estate Bradford Wildauer ’88 Partner, Apollo Real Estate

This panel is co-sponsored by the Paul Milstein Center for Real Estate and the Real Estate Association.

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

1165 PANEL DISCUSSIONS

PANEL SESSION 2

Private Equity Panel: Case Study: The Carve-out of Dialogic from Intel This panel will discuss Invescorp’s spinout of Dialogic from Intel and subsequent add-on acquisitions. How did the organiza- tion change as a stand-alone entity? What are the differences in expectations and governance between a financial sponsor and corporate parent? What unforeseen issues arose and how were they handled? How do sponsor and portfolio company work together to identify, complete and integrate acquisitions? Are incentives in making acquisitions always aligned? How could the partnership between sponsor and management been improved / made more efficient?

Henny Sender, Moderator Nick Jensen President and CEO, Dialogic Timothy Murray Executive Vice President and Chief Operating Officer, Dialogic Anand Radhakrishnan Principal, Investcorp John Vester Principal, Ernst & Young

Venture Capital Panel: Case Study: Growing Gerson Lehrman Group This panel will explore the relationship between Gerson Lehrman Group and its financial sponsors. What resources did Bessemer Venture Partners provide to help Gerson Lehrman grow? What was the nature and frequency of their interactions? How has governance evolved from the initial round of financing through Silverlake’s investment? When and why may divergent objectives arise? How could the partnership between sponsor and management been improved / made more efficient?

John Morris, Moderator The Deal Mike Bingle Managing Director and Co-Head of North America, Silver Lake Alexander St. Amand CEO, Gerson Lehrman Group Rob Stavis Partner, Bessemer Venture Partners

Limited Partner Panel: Eye on the Horizon: Long Term LP Thinking in a Volatile Market This panel will focus on LP flexibility and decision making in changing market environments. As the expected returns on asset classes change, how can LPs best capitalize on real time trends? What factors do LPs consider when identifying and evalu- ating these trends? How do LPs distinguish between short term market fluctuations and shifts in long term return expecta- tions? When actionable trends are identified, how can LPs quickly capitalize on new thinking?

David Snow, Moderator PEI Media Adam G. Clemens ’89 President, New York Life Capital Partners Holly Holtz ’84 Director of Alternative Investments, TIAA-CREF Michael McCabe ’05 Senior Investment Team and Investment Committee Member, Hamilton Lane

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

1176 SPEAKERS

Distressed Investment Panel: Case Sudy: Calpine’s Restructuring

Christopher Scinta, Moderator Bloomberg News James Bartlett President, LS Power Equity Partners Kenneth A. Buckfire ’87 Managing Director and Co-founder, Miller Buckfire Rick Cieri Partner, Kirkland & Ellis LLP Greg Doody Chief Restructuring Officer, Calpine Corporation

Christopher Scinta Christopher Scinta covered the Calpine bankruptcy for Bloomberg News, which he joined in January 2007. Mr. Scinta has reported on many of the largest corporate bankruptcies in recent years including Delta Air Lines Inc., Northwest Airlines Corp., Delphi Corp. and recently, Holdings Inc. Previously, Mr. Scinta was a reporter at Dow Jones Newswires where he also covered restructuring. Mr. Scinta is a graduate of the University of Pittsburgh.

James Bartlett James Bartlett joined LS Power in 2005 and has 20 years of experience in the power industry. Prior to joining LS Power, Mr. Bartlett served as a Managing Director in Credit Suisse First Boston’s Energy Group where he focused on M&A and financing transactions in the power generation sector. Previously, Mr. Bartlett was an Associate at Kendall Capital Partners and an Analyst at Drexel Burnham Lambert. Mr. Bartlett received a BA in Economics magna cum laude and an MA with honors from Tufts University.

Kenneth A. Buckfire ’87 Kenneth Buckfire is Managing Director and co-founder of Miller Buckfire. Over the course of his career he has advised clients in a broad rand of industries (including energy, food products, building products, broadcasting and information services) and has also managed principal investments in distressed com- panies and in the utility industry. Prior to founding Miller Buckfire, Mr. Buckfire was a Managing Director at Dresdner Kleinwort Wasserstein and served as Co-Head of the firm’s financial restructuring group special- izing in the restructuring and refinancing of highly leveraged companies. Mr. Buckfire is on the board of advisors of Zell-Lurie Institute at The University of Michigan, is a Trustee of The Browning School, a Trustee of the UJA Federation of New York and has been a director of several public and private corporations. Mr. Buckfire received his MBA from Columbia Business School and his BA in Economics and Philosophy from the University of Michigan.

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

1187 Rick Cieri Rick Cieri joined Kirkland & Ellis LLP in 2005 as a partner in its New York office. Previously, Mr. Cieri served as head of the Business Restructuring and Reorganization Practice at Gibson, Dunn & Crutcher LLP. Mr. Cieri is an internationally recognized authority in domestic and cross-border restructurings, corpo- rate governance, and director and officer fiduciary duty matters (including “deepening insolvency”). He is best known for representing financially distressed companies, debtors and boards of directors. Recently, Mr. Cieri was named to the 2008 BTI Client Service Team, as a result of a survey of Fortune 1000 clients, recognizing him as an attorney with exceptional attention to his client’s needs. Mr. Cieri received a BA from State University of New York at Buffalo and a JD from University of Michigan Law School.

Greg Doody Greg Doody oversaw all of Calpine Corporation’s corporate legal affairs as Executive Vice President, Gen- eral Counsel and Secretary of the Company from July 2006 until August 2008. In addition, Mr. Doody served as Calpine’s chief restructuring officer, successfully leading Calpine through one of the largest and most complex Chapter 11 cases in history. Previously, Mr. Doody held the position of Executive Vice President, General Counsel and Secretary at HealthSouth Corporation, where he was responsible for the oversight of all legal activities since 2003, including the successful negotiations with the Department of Justice, the Centers for Medicare and Medicaid Services and various class action plaintiffs. Prior to joining HealthSouth, Mr. Doody was a Partner at Balch & Bingham LLP, a regional law firm based in Birmingham, Alabama. He earned a juris doctor from Emory University’s School of Law and a bachelor of science maagement degree from Tulane University.

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

1198 SPEAKERS

Venture Capital Panel: “If it ain’t broke…” Does the VC Model Need Fixing?

Dan Primack, Moderator Thomson Financial Roger Ehrenberg ’93 Managing Partner, IA Capital Partners, LLC Jeff Horing Co-Founder and Managing Director, Insight Venture Partners Roger Krakoff Partner, Sigma Partners Laura Sachar ’91 Founding Partner, StarVest Partners

Dan Primack Dan Primack is Editor-At-Large with Thomson Financial, publisher of Magazine, Private Equity Week and Venture Capital Journal. Mr. Primack also is the creator and writer of the PE Week Wire, a daily email publication read by over 47,000 subscrib- ers, and peHUB.com, a news and analysis website for the venture capital and private equity markets. Mr. Primack’s daily column has become mandatory private market reading, and he has given keynote addresses at events hosted by organizations that include Merrill Lynch, PricewaterhouseCoopers and the National Venture Capital Association. Mr. Primack also appears regularly on CNBC. Prior to hitting the private equity beat in 2000, Mr. Primack covered private debt for Private Placement Letter and served as Editor and Co-founder of The ’Bury, a Roxbury, Mass.-based newspaper catering to teenagers and young adults. He is a graduate of Haverford College, with a degree in political science.

Roger Ehrenberg ’93 Roger Ehrenberg is currently Managing Partner of IA Capital Partners, LLC, which he founded to make

Mr. Ehrenberg was the President and CEO of DB Advisors LLC, a wholly-owned subsidiary of AG. Mr. Ehrenberg’s 130-person team managed over $6 billion in capital through a twenty-strategy hedge fund platform. Before DB Advisors, Mr. Ehrenberg was Managing Director and Co-head of Deutsche Bank’s Global Strategic Equity Transactions Group. Mr. Ehrenberg currently serves on the boards of BlogTalkRadio; Buddy Media; Clear Asset Management; Global Bay Mobile Technologies, Monitor110, and DSL.net Inc. Mr. Ehrenberg holds an MBA from Columbia Business School and a BBA from the University of Michigan.

Jeff Horing Jeff Horing is a Managing Director at Insight Venture Partners which he co-founded in 1995. Under his leadership Insight has become the leading private equity rm focused on growth investments in software and internet businesses, with $3 billion under management. Mr. Horing’s areas of focus include mobile, online gaming, data, infrastructure and internet software. Mr. Horing currently serves on the board of directors of Datacore Software (storage virtualization), GFI (security & messaging), Jagex Ltd (online gaming), Shunra Software (WAN emulation) and Solarwinds (network monitoring).

Prior to founding Insight, Jeff Horing was a key member of the technology investing team at E.M. Warburg, Pincus & Co. Earlier in his career he worked at Goldman, Sachs & Co. in the Capital Markets group. Mr. Horing started his career with an MBA from the M.I.T. Sloan School of Management. He has dual under- graduate degrees from the University of Pennsylvania’s Moore School of Engineering and Wharton School, where he graduated with high honors and Phi Beta Kappa.

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

1209 Roger Krakoff Roger Krakoff joined Sigma Partners in 2004. Before Sigma, he was a partner with JEGI Capital. At JEGI, he was a director of Aprimo Software, Noosh Software, and Intraspect Software. Mr. Krakoff has also served as a Managing Director in Veronis Suhler Stevenson’s Business & Professional - tion. He has held senior executive positions in corporate development, marketing, and product management at WebLine Communcations (acquired by Cisco Systems), Stream International (acquired by Solectron), and the Dun & Bradstreet Corporation. He began his career at IBM. Mr. Krakoff earned an M.B.A. from Harvard Business School, an M.A. from the Fletcher School of Law and Diplomacy and a Bachelor of Arts with High Honors from Tufts University.

Laura Sachar ’91 Laura Sachar is an experienced entrepreneur and investor. Ms. Sachar has founded three successful enti-

enabled business services companies. As a founding partner of StarVest, Ms. Sachar has been active with many of StarVest’s investments including Connected Corporation (acquired by Iron Mountain in 2004) and MessageOne (software-as-a-service company acquired by Dell Computer in 2008). Ms. Sachar was the Founding Chairman of the New York New Media Association Angel Investors Program, a professional - ing initial capital. Ms. Sachar has a BA from Barnard College, Columbia University, and an MBA from the Columbia Business School.

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

2021 SPEAKERS

Private Equity Panel: Looking Through the Window: Real Estate Private Equity’s Capital Opportunity

Peter Grant, Moderator The Wall Street Journal Jeffrey A. Barclay ’83 Managing Director, ING Clarion Partners Timothy Morris Managing Director and Global Chief Investment Officer, Morgan Stanley Real Estate Bradford Wildauer ’88 Partner, Apollo Real Estate

Peter Grant Peter Grant has worked at The Wall Street Journal since 1999, most recently as deputy real estate editor. Mr. Grant also was deputy technology editor as well as a reporter covering the cable TV industry and real estate. Prior to The Wall Street Journal Mr. Grant worked as a reporter for numerous publications includ- ing the New York Daily News, the New York Observer and the Buffalo News. Mr. Grant was involved in the Daily News’ winning coverage of the Apollo Theater and, when he was young and dashing, spent a year going around the world covering wars and U.S. foreign assistance programs for syndicated columnist Jack Anderson. Mr. Grant holds an undergraduate degree in International Relations from the University of Pennsylvania.

Jeffrey A. Barclay ’83 Jeffrey A. Barclay is Managing Director and head of acquisitions at ING Clarion Partners, a real estate - -

Investment Committees. Prior to joining ING Clarion, Mr. Barclay was a partner at Hamilton Securities, a Washington, DC-based investment bank. Mr. Barclay currently serves as Adjunct Professor at Columbia Business School, where he earned his MBA in Finance and Accounting. Mr. Barclay is chairman of the Institute Committee of the Pension Real Estate Association. Mr. Barclay is a member of the board of direc- tors of the National Association of Real Estate Investment Managers and vice chairman of the Industrial

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

2122 Timothy Morris Timothy Morris is a Managing Director and Global Chief Investment Of cer of the Morgan Stanley Real Estate Special Situations Fund III, a $40billion International Real Estate Fund. In addition, Mr. Morris is an Investment Committee member of the Morgan Stanley Real Estate Funds (total AUM in excess of $50 billion). He spent two years in London as the Co-Head of Morgan Stanley’s European Real Estate Investing Business. Prior to his time in London, Mr. Morris spent 13 years in New York and assisting real estate clients in accessing the international debt and equity capital markets. During his ve years in Hong Kong, Mr. Morris was responsible for Morgan Stanley’s non-Japan Asia real estate activities, including both advisory and direct investment activities. He received his B.S. degree in Finance from Indiana University in 1988.

Bradford Wildauer ’88 Bradford Wildauer oversees Apollo’s debt investments including the lending activities of Apollo Real Estate Finance Corporation. Prior to joining Apollo, Mr. Wildauer worked for fourteen years in capital markets and investment banking at Merrill Lynch, Schroder & Co. Plc and National Westminster Bank Plc and began his career as a Satellite Engineer at RCA. Mr. Wildauer earned a BS in Electrical Engineering and BA in Economics with honors from Bucknell University and an MBA from Columbia Business School.

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

2223 SPEAKERS

Private Equity Panel: Case Study: The Carve-out of Dialogic from Intel

Henny Sender, Moderator Financial Times Nick Jensen President and CEO, Dialogic Timothy Murray Executive Vice President and Chief Operating Officer, Dialogic Anand Radhakrishnan Principal, Investcorp John Vester Principal, Ernst & Young

Henny Sender Henny Sender joined the Financial Times as its International Financial Correspondent in 2007. Previ- ously, Ms. Sender was the Wall Street Journal’s senior special writer for the Money & Investing section and covered private equity and hedge funds. Before joining the Journal, Ms. Sender worked in Hong Kong for nearly ten years and covered regional finance for the Wall Street Journal Asia and the Far Eastern Economic Review; prior to that she was in Tokyo for five years for . Ms. Sender holds an M.S. from the Columbia University School of Journalism. She is a member of the Council on Foreign Relations.

Nick Jensen Nick Jensen has been President and CEO of Dialogic since April 2002 and serves as Chairman of Dialogic’s Board of Directors. Mr. Jensen has 22 years of successful entrepreneurial experience. In 1987 he co-founded Exatec A/S, a Danish distributor of computer components and products that was sold to Arrow Electronics Inc. He then founded PnP Technology, a printer-interface company, and with a partner acquired i-data international a/s in 1998. Throughout his career, Mr. Jensen has been an active investor in IT companies, including Connect International (sold to Olicom A/S in 1992), Phase One Denmark A/S, Netlog A/S and Mermaid Technology A/S. Before beginning his career, Mr. Jensen concentrated on sales, marketing and finance during his studies.

Timothy Murray Timothy Murray is Executive Vice President and Chief Operating Officer of Dialogic. In this role, Mr. Murray oversees Dialogic’s daily operations including all aspects of sales, customer service and support, en- gineering, marketing, manufacturing, quality initiatives and human resources. Mr. Murray is an accom- plished communications industry veteran and prior to Dialogic served as CEO of Cantata Technology (purchased by Dialogic in October 2007), CEO of Cross Match Services, a leading provider of biometric identification services, COO of Cross Match Technologies, and CEO of Riversoft PLC, a pioneering network management software company. Mr. Murray also spent more than 20 years in senior executive positions at AT&T. Mr. Murray holds MS and BS degrees in Management and Industrial Engineering from Rensselaer Polytechnic Institute, and has also completed executive education studies at Harvard University and the Dartmouth Institute.

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

2243 Anand Radhakrishnan Anand Radhakrishnan joined Investcorp Technology Partners in 2002. Previously, he was with in Washington, D.C., where he worked in the Venture Capital Group and at Robertson Stephens in San Francisco, where he was a member of the Technology Mergers and Acquisitions Team. He currently sits on the boards of Dialogic, Kentrox and Zeta Interactive. Mr. Radhakrishnan holds a BS in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology and an MBA with Distinction from the Harvard Business School.

John Vester John Vester has twenty-five years of experience gained both in industry and professional services. Mr. Vester is responsible for Transaction Integration services on the East Coast for Ernst & Young. He has been a regular speaker and author on integration and corporate development topics, and most recently, Mr. Vester has led Ernst & Young’s popular Private Equity Value Creation Study since its inception. Prior UP&SOTU:PVOH .S7FTUFSXBTUIFXPSMEXJEF)FBEPG$PSQPSBUF%FWFMPQNFOUBU9FSPY XIFSFIFMFE the $1 billion global acquisition and integration of the Tektronix printing business. His experience also includes seven years of general management consulting at McKinsey & Co. Mr. Vester holds an MBA de- gree from Cornell University in Finance, a MS degree in Electrical Engineering from Yale, and earned a BS degree in Industrial Engineering from Northwestern University.

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

2254 SPEAKERS

Venture Capital Panel: Case Study: Growing Gerson Lehrman Group

John Morris, Moderator The Deal Mike Bingle Managing Director and Co-Head of North America, Silver Lake Alexander St. Amand CEO, Gerson Lehrman Group Rob Stavis Partner, Bessemer Venture Partners

John Morris John E. Morris is an assistant managing editor for The Deal, where he oversaw its daily and weekly global private equity coverage for much of the past five years. Mr. Morris was involved in the launch of The Deal beginning in 1998. When news operations began in September 1999, he moved to London to establish The Deal’s London bureau. From there he covered M&A, private equity, law firms, regulation and competi- tion across Europe until his return to New York in August 2001. Mr. Morris and Deal senior writer David Carey are currently writing a book about Blackstone and the rise of the private equity industry to be pub- lished by Crown in late 2009. Mr. Morris holds a bachelor’s degree in philosophy from the University of California at Berkeley and a J.D. from Harvard Law School.

Mike Bingle Mike Bingle joined Silver Lake in 2000 and is a Managing Director and Co-Head of North America. Prior to joining Silver Lake, He was a principal at Apollo Advisors, L.P., where he evaluated, structured, executed, and harvested a wide variety of private equity investments. Mr. Bingle previously worked as an investment banker in the Leveraged Finance Group of Goldman, Sachs & Co. Mr. Bingle serves on the boards of Gartner, Inc., IPC Systems, Inc. and on the board of Visitors of the Duke University School of Engineering. Previously Mr. Bingle was a director of Ameritrade Holding Corp., Datek Online Holdings, Inc. and Instinet, Inc. Mr. Bingle holds a B.S.E. in Biomedical Engineering from Duke University. While at Duke, Mr. Bingle completed a two-year fellowship for the National Science Foundation, the purpose of which was to develop new ultrasound technology for medical imaging.

Alexander St. Amand Alexander Saint-Amand is Chief Executive Officer at Gerson Lehrman Group (GLG). Before joining GLG at its inception, he worked for Bloomberg LP in New York and Frankfurt. Mr. Saint-Amand is a graduate of the University of Virginia.

Rob Stavis Rob Stavis is a Partner in Bessemer’s Larchmont, NY office. Since joining BVP, he has led the firm’s invest- ments in and sits on the boards of independent research companies Gerson Lehrman Group and Soleil Securities, Portrait Software, Zopa, Yodle, Smilebox, and Quadriserv. Mr. Stavis’s exited investments in- clude SiteAdvisor, Pure Networks, PRE Solutions, LifeHarbor, and Skype Technologies, where he led the A round. Prior to joining Bessemer in 2000, Mr. Stavis was an independent private equity investor. In this capacity, he led the A round and served on the board of Arbinet. Mr. Stavis entered private equity after a 15-year career at Salomon Smith Barney, where he became co-head of global arbitrage trading. Mr. Stavis’ charitable work includes serving as president of the board of WJCS. He holds degrees from the Engineering School of the University of Pennsylvania and the Wharton School of Management.

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

2265 SPEAKERS

Limited Partner Panel: Eye on the Horizon: Long Term LP Thinking in a Volatile Market

David Snow, Moderator PEI Media Adam G. Clemens ’89 President, New York Life Capital Partners Holly Holtz ’84 Director of Alternative Investments, TIAA-CREF Michael McCabe ’05 Senior Investment Team and Investment Committee Member, Hamilton Lane

David Snow David Snow is executive editor and director at PEI Media. In this role he plays a senior editorial role at Private Equity International magazine, PEI Manager magazine and other editorial products. Prior to joining PEI Media, Mr. Snow was the founding editor of a news service for accredited investors now owned by Channel Capital Group. Prior to that he was editor of Buyouts newsletter, a Thomson publication. Mr. Snow holds a Master of International Affairs from Columbia University and undergraduate degrees in Political Science and Chinese Studies from the University of California, San Diego.

Adam G. Clemens ’89 Adam Clemens joined New York Life in 1991 and is currently President of NYLCAP, responsible for oversee- ing all NYLCAP investment activities. Prior to co-founding NYLCAP, Mr. Clemens was the Head of Private Equity and Leveraged Finance within New York Life’s Private Finance Group. Prior to joining New York Life, Mr. Clemens was a Vice President with Manufacturers Hanover Trust Company in the Private Placement Group, where he began his career in 1984. Mr. Clemens earned a BS in International Economics, cum laude, in 1984 from Georgetown University and an MBA in 1989 as a Beta Gamma Sigma graduate from Columbia Business School. Mr. Clemens is a holder of the Chartered Financial Analyst designation.

Holly Holtz ’84 Holly Holtz is a Director of Alternative Investments at New York-based TIAA-CREF. One of the team found- ers in 1997, she has made $2.8 billion in commitments to private equity funds and direct equity and debt co-investments. Ms. Holtz has been involved with most of the key sectors within TIAA’s diversified alterna- tives portfolio, including timber, venture and growth capital, distressed debt and equity, mid and large-cap buyouts, and non-US funds, including ones focusing on Western Europe as well as Emerging Markets. Cur- rently, Ms. Holtz has co-responsibility for private equity mid-market investing in the US and also is actively engaged in the global distressed debt/equity sector. Ms. Holtz holds a BA from the University of Michigan, a MA from the University of California at Berkley and a MBA from Columbia Business School.

Michael McCabe ’05 Michael McCabe is a member of Hamilton Lane’s senior investment team and serves on its Investment Committee. Mr. McCabe concentrates on co-investment and secondary partnerships as well as primary partnerships. He joined the firm in 2005 and serves on the advisory boards of a number of private equity partnerships. He is also a Board Observer for several portfolio companies. Mr. McCabe’s prior experience JODMVEFTBTFOJPSQPTJUJPOXJUI$&.&9 UIFXPSMETMBSHFTUCVJMEJOHNBUFSJBMTTVQQMJFS.S.D$BCFFBSOFE an Executive MBA in 2005 from Columbia Business School.

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

2276 CHAIRMAN’S CIRCLE SPONSORS

Our Transaction Advisory Services team works with some of the world’s largest organizations, fastest growing companies and private equity firms on some of the biggest and most complex cross-border deals in the global market. We can help you achieve the growth, performance improvement and returns your stakeholders expect. We offer integrated, objective advisory services that are designed to help you evaluate opportunities, make your transactions more efficient and achieve your strategic goals. We have an extensive global reach, with 8,700 transaction professionals worldwide, and the experience of thousands of trans- actions across all markets and industry sectors. We can bring together the people you need, wherever you need them, to focus on helping you achieve success throughout the transaction lifecycle — and beyond. Whether it’s a merger, acquisition, strategic alliance, divestment, equity offering or restructuring, we offer you the advice you need to help you make the right deal at the right price at the right time. It’s how Ernst &Young makes a difference.

With nine offices throughout the United States, Europe and Asia and more than 1,400 attorneys firmwide, Kirkland & Ellis LLP is globally recognized as home to one of today’s most active and highly regarded private equity practices. Our team of more than 500 private equity attorneys has extensive experience in the formulation of innovative strategies for structuring acquisi- tions and financings of private and public companies, negotiated as well as unsolicited, going private transactions, stock-for- stock acquisitions, spin-off transactions, and acquisitions of minority interests. Chambers USA, America’s Leading Lawyers for Business 2008, the world’s leading guide to law firms and lawyers, calls Kirkland “one of the top private equity and practices globally.” Our consistent quality and depth across many practices including finance, real estate, environmental law, tax law, labor and ERISA law, intellectual property law and other concentrated areas brings tremendous value when doing private equity transactions that cross over disciplines. This is matched only by the sheer creativity in problem solving demonstrated by our lawyers. It is no wonder Kirkland is on the 2008 short-lists of the European Venture Capital and Private Equity Association for “Legal Adviser of the Year” and by Financial Times/Mergermarket for “Mid-Market Legal Adviser of the Year.”

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The Deal LLC, a diversified media company, is the authoritative voice of the deal economy. We serve the global deal community – corporate and financial dealmakers, advisers and institutional investors – by providing business and financial news, analysis and information that offer fresh insights on the deal economy, a set of interrelated activities, focused on dealmaking of all kinds, whose purpose is to generate corporate and capital growth in a continually changing global market. We offer a comprehensive line of print and electronic products – The Deal, The Daily Deal, The Deal’s Pipeline and TheDeal.com – and live annual events including Private Capital Symposium, Distressed Investing Forum, Corporate Dealmaker Forum and M&A Outlook. These core products are created by an award-winning editorial staff working in New York, San Francisco, Washington, D.C.. and London bureaus, with support from international correspondents, contributing columnists and illustrators. For more information, visit www.TheDeal.com.

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15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

2287 PARTNER’S CIRCLE SPONSOR

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SUPPORTER’S CIRCLE SPONSORS

Capital IQ, a division of Standard & Poor’s, provides high-impact information and workflow solutions to over 2,400 leading -fi nancial institutions, advisory firms, and corporations. Its solutions are based on the Capital IQ Platform, a unique combination of global private and public capital market data and technology that enables end-users to draw deep market insights, generate better ideas, leverage relationships, and simplify workflow. The Capital IQ Platform provides much of the information and tools that financial professionals need to be highly productive. To learn more about Capital IQ, please visit www.capitaliq.com or contact 212.438.8701.

Circle Peak Capital LLC (“Circle Peak”) is a private equity investment firm based in New York, NY and founded in 2002 that invests in or acquires established small- and mid-sized private companies in the consumer and asset management sectors, with a focus on building brands and sustainable competitive advantages. Circle Peak’s principals and advisors are experienced in acquiring, managing, and building companies with up to $500 million in sales. Circle Peak Capital, along with its investment affiliates and capital partners, has invested in several branded consumer-related retail and manufacturing companies including Mrs. John L. Strong, Fischbein LLC, Rocket Dog Brands LLC, WealthTrust LLC, Luxury Optical Holdings Co., Shari’s Management Corp., and Hill & Valley, Inc. Since August 2005, CPC has led and closed six stand-alone leveraged buyouts and management buyouts, one growth capital financing, and led or co-led and closed 9 add-ons, for a total of 16 transactions.

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15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

2298 MEDIA FRIENDS

Breakingviews.com is the world’s leading source of agenda-setting financial insight. breakingviews has 25 correspondents and columnists based in London, New York, Paris, Washington, San Francisco and Madrid. Our aim is to become the lingua franca for the global financial elite.

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SPECIAL CONTRIBUTORS

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

2930 © 2008 ERNST & YOUNG LLP Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young LLP is a client-serving member firm located in the US. growing companies and most dynamic private equity firms assisted some of the world’s leading organizations, fastestof the deal. Our transaction advisory professionals haveUnderstanding them helps you achieve the full potential the right time. Transactions are fraught with complexities.Finding the right deal. Negotiating the right price. Closing at Winning decision? ey.com/transactions What’s next for your business? and whenever you need it. worldwide, you can benefit from their experience whereverwith some of the largest deals. And with 7,000 advisors   

      

                    

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THREE UNiqUE NETWoRKiNG H;=?IJ;HJE:7O SESSioNS To reserve your spot today, contact % ! !  a chance to hobnob and Greg Winterton at (646) 223-6787 or email deliever your elevator pitch to local LPs [email protected] % #! a chance to talk deals with leading, local GPs IFEDIEHI>?FEFFEHJKD?J?;I % !   a chance to discuss hot-button For more information contact topics with industry experts and peers David Harkey at (646) 223-6776 or email [email protected]

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4]`[]`SW\T]`[ObW]\^ZSOaSQ]\bOQb;WQVOSZ1`]aPgD>]TAOZSaPg^V]\SOb ! !'! #]`PgS[OWZOb[Q`]aPg.BVS2SOZQ][ BVS2SOZ>W^SZW\S We are proud to sponsor the T`][BVS2SOZ::1 Columbia Business School Private Equity and Venture Capital Conference

Irving Place Capital, formerly known as Bear Stearns Merchant Banking, is a leading institutional private equity firm focused on making equity investments in middle-market companies. The firm partners with talented managers, providing them with the resources they need to sustain growth, build world-class companies, and unlock value. Irving Place Capital makes both control and minority investments. Although the firm is most well-known for its focus on the retail, consumer products, and financial services industries, Irving Place Capital also has investments and dedicated efforts in the energy, packaging, healthcare services, industrial and transportation sectors. Irving Place Capital’s $2.7 billion fund, raised in 2006, has $1.7 billion of undrawn committed capital. Since its inception in 1997, the firm has made 68 investments, including nine in its current fund. More information about Irving Place Capital is available at http://www.irvingplacecapital.com. 277 Park Avenue, 39th Floor New York, New York 10172 (212) 551-4500

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[Q`]aPg.BVS2SOZQ][ 15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

3534 Conference Website, Program, and Advertisement Designed by Chris Eastland www.chriseastland.com

15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009

3537 FOR MORE INFORMATION, VISIT US AT WWW.CBSPEVC.COM AND WWW.GSB.COLUMBIA.EDU/PRIVATE EQUITY