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									2nd Annual
Stern Private Equity Symposium



        Driving
        Global Returns
        January 26, 2007
    2nd Annual
    Stern Private Equity Symposium

    Driving
    Global Returns




4
Symposium Agenda
8:00am-8:30am | Registration and Continental Breakfast

8:30am-9:00am | Opening Remarks & Morning Keynote Address
Opening Remarks by Dean Thomas F. Cooley,
   New York University Stern School of Business
Keynote Address by Reuben S. Leibowitz, Founder and Managing Director,
   JEN Partners, LLC

9:00am-9:45am | State of the Market Panel
Moderator Tina Surh, Director of Investments, New York University Investment Office
Panelists:
Scott Higbee, Partner and Head of Markets America, Partners Group
Robin Marshall, Founding Partner, 3i Growth Capital
Brett Rochkind, Vice President, General Atlantic LLC

10:00am-10:45am | Leveraged Buyout Panel
Moderator David MacKinnon, Partner, Ernst & Young
Panelists:
Adrian Jones, Partner, Goldman Sachs Principal Investment Area
Janegail Orringer, Managing Director, Carlyle Group Leveraged Finance
Scott Zoellner, Managing Director, AEA Investors, LLC

11:00am-11:45am | Distressed Investing Panel
Moderator Professor Edward Altman, New York University Stern School of Business
Panelists:
Edwin M. Banks, Partner, SATO Capital Management
Barry Ridings, Managing Director and Vice Chairman, Lazard Freres & Co. LLC
George J. Schultze, Founder and Managing Member, Schultze Asset Management, LLC

12:00pm-12:45pm | Venture Capital Panel
Moderator Steven D. Bortnick, Counsel, Dechert LLC
Panelists:
Joe Allegra, General Partner, Edison Venture Partners
Andrew Cleland, Executive Director, Time Warner Investments
Benjamin Levin, Principal, Insight Venture Partners
April Young, Managing Director, Comerica Bank, Technology & Life Sciences Division

12:45pm-1:15pm | Closing Keynote Address
Alfred C. Eckert III, Chairman and Chief Executive Officer, GSC Group

1:15pm-2:00pm | Lunch & Networking
                  2nd Annual
                  Stern Private Equity Symposium



                  Welcome

    On behalf of New York University’s Leonard N. Stern School of Business and
    the Stern Private Equity Club, we are pleased to welcome you to the Second
    Annual Private Equity Symposium.

    With private equity fundraising at unprecedented levels and increasing deal
    complexity, this is an exceedingly timely moment in which to bring together
    Stern faculty, students, alumni and industry professionals to discuss trends
    and issues in the industry. As private equity continues to revolutionize new
    industries and expand globally, SPEC is proud to present a forum for students,
    alumni and professionals to discuss relevant industry developments and their
    implications for the future.

    Among us are some of the finest minds in academia and leaders in the industry.
    We are pleased to present to you speakers and panels designed to provoke
    thought and initiate dialogue between current and future professionals in the
    field that will continue well beyond today’s conference.

    We would like to express our appreciation to the professionals and faculty who
    are with us today. Additionally, we are grateful for the generous support of
    our sponsors.

    So once again, welcome, and we look forward to meeting you throughout
    the day.

    Yours sincerely,

    Maggie Arvedlund            Adam Howarth                Matthew Rhodes
    Co-President                Co-President                Co-Conference Chair




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About the
Stern Private Equity Club

SPEC’s objective is to educate and prepare students for careers in private equity
and venture capital. This goal is accomplished through a host of activities, such
as educational workshops, industry-specific panels, résumé critique, mock
interviews, speakers’ series, alumni mixers, networking events and conferences.
Our premier annual event is the Stern Private Equity Symposium which hosts
leading professionals in the industry.

The Stern School of Business has an outstanding reputation as one of the
world’s finest finance academic institutions and an extensive alumni network of
accomplished professionals who have achieved extraordinary success in private
equity and venture capital. SPEC provides forums through which students,
alumni and recruiters in the industry can interact.

Specifically, for current students, SPEC provides access to alumni and other
resources that educate and assist them in the job search process. For alumni,
SPEC provides a forum to network with industry professionals and access to
continuing education. For recruiters, the club coordinates targeted recruiting
activities in conjunction with the Stern Office of Career Development and a
SPEC-member résumé book is available upon request for internship or full-time
opportunities.

Our website provides our members, alumni and recruiters with information
and access to all of our activities including education, SPEC Hour, alumni-
related activities, corporate recruiting presentations and the Stern Private
Equity Symposium.

For more details on our activities, please visit us at:
http://pages.stern.nyu.edu/~spec

You can also contact us via email at: spec@stern.nyu.edu




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              2nd Annual
              Stern Private Equity Symposium



              Thank You to Our Sponsors

    Platinum Sponsor




    Gold Sponsor




    Silver Sponsors




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Opening Remarks & Keynote Speaker

Dean Thomas F. Cooley,
New York University Stern School of Business
Thomas F. Cooley, a noted economist, was named Dean of New York University Stern School of Business in May
2002 and assumed the deanship on August 15, 2002. Dean Cooley is the Paganelli-Bull Professor of Economics
at NYU Stern, as well as a professor of economics in the Faculty of Arts and Science. The former President of
the Society for Economic Dynamics and a Fellow of the Econometric Society, Dean Cooley has also received
numerous awards for his teaching and is recognized as a national leader in both macroeconomic theory and
business education. Dean Cooley joined NYU Stern in 1999 and has taught courses in macroeconomics and the
international economy. He was named chairman of NYU Stern’s economics department in September 2001, a
position he held until being named dean. His primary research areas include macroeconomic theory, monetary
theory and policy and the financial behavior of firms. His research has been published in numerous journals
including The American Economic Review, Journal of Monetary Economics, Review of Economic Dynamics,
Journal of Political Economy and Econometrica. He is also the author of Frontiers of Business Cycle Research.

Before joining NYU Stern, Dean Cooley served as Director of the Bradley Policy Research Center and was
Fred H. Gowen Professor of Economics at the University of Rochester. Earlier, he was professor of economics
at University of Pennsylvania, professor of economics and applied statistics at the University of Rochester,
and professor of economics at the University of California, Santa Barbara. Dean Cooley received his Bachelor
of Science from Rensselaer Polytechnic Institute, and his Master of Arts and Doctor of Philosophy from the
University of Pennsylvania. He also holds a doctorem honoris causa from the Stockholm School of Economics.


Reuben S. Leibowitz,
Founder and Managing Director, JEN Partners, LLC
Reuben S. Leibowitz is the Founder and Managing Director of JEN Partners, LLC. Prior to JEN Partners,
Mr. Leibowitz was a Managing Director in the New York office of Warburg Pincus, LLC. He spent 22 years
at Warburg Pincus and was responsible for the firm’s real estate effort, implementing the firm’s long-term
strategy, and structuring the firm’s operating entities and private equity funds. Prior to joining Warburg Pincus,
Mr. Leibowitz spent 15 years in public accounting, including 5 years as a Tax Partner in Spicer & Oppenheim.

Mr. Leibowitz is a director of Wall Homes, Pacific Terra and Simon Property Group, the largest U.S. REIT. He
was a director of four other NYSE listed companies (Chelsea Property Group, Grubb & Ellis Co., Lennar, and
Pacific Greystone). He is President and a director of Medical Development for Israel and a member of Hillel’s
International Board of Governors. Mr. Leibowitz received a B.S. degree from the Brooklyn College, an M.B.A.
degree from the Stern School of Business at New York University, and a J.D. from Brooklyn Law School. He also
completed an L.L.M. at the New York University School of Law. Mr. Leibowitz is a member of the New York
bar and a C.P.A.

About JEN Partners, LLC
JEN Partners was formed in 2005 by Reuben S. Leibowitz who was a Managing Director of Warburg Pincus. JEN
Partners makes private equity investments in operating real estate companies and other real estate situations.
JEN Partners’ expertise in real estate investing, developed over many years, creates a unique edge in the real
estate arena. The Firm leverages a relationship network comprised of industry leaders, executives at publicly
traded REITs, and real estate investors. As markets develop, mature and decline, JEN Partners has the flexibility
to tailor its investment strategy and seek to be well positioned to invest opportunistically and achieve superior
returns.
www.jenpartners.com


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                            2nd Annual
                            Stern Private Equity Symposium



                           State of the Market Panel

    Moderator, Tina Surh
    Director of Investments, New York University Investment Office
    Tina Surh is the Director of Investments within the New York University Investment Office. She is actively involved
    in all aspects of managing the University’s $1.9 billion Endowment portfolio, as well as providing investment
    guidance for NYU’s pension and planned gift assets. The NYU Endowment portfolio is equity oriented and
    diversified with approximately 50% of assets currently invested in broadly defined alternative assets. Ms. Surh
    joined NYU in early 2005, coming directly from the Princeton University Investment Company. At Princeton,
    Ms. Surh focused on manager selection and monitoring across the marketable and non-marketable alternative
    asset classes, and in particular, opportunities in Asia. Prior to entering the endowment management field,
    Ms. Surh was a direct private equity investor at Desai Capital, where she completed several successful middle
    market buyout investments. Prior to Desai Capital, Ms. Surh was a strategy consultant with Bain & Company.
    Ms. Surh graduated cum laude from Tufts University and received her MBA from Harvard Business School.

    The primary objective in managing the Endowment portfolio is to provide support to the University’s operating
    budget while preserving purchasing power. Achieving this goal requires the utilization of a diversified equity-
    oriented investment approach that seeks to maximize the long-term return on Endowment Fund assets
    commensurate with risks appropriate to an investment portfolio which maintains a total-return investment
    philosophy, generation-neutral spending policy and an infinite investment horizon. Diversification and active
    management are fundamental elements of NYU’s investment philosophy and all Endowment assets are
    managed externally by professional investment entities.

    The Endowment’s long-term asset allocation policy is currently 50% equity, 35% alternative (which includes
    “hedge” funds that are expected to deliver absolute returns with lower correlations to equity markets
    and real assets), and 15% fixed income. The market value for NYU’s total endowment was $1.9 billion at
    December 31, 2006. www.nyu.edu


    Scott Higbee
    Partner and Head of Markets America, Partners Group
    Scott Higbee is a Partner in the Markets Group with responsibility for deal & manager origination and client
    relationships in the Americas. He is also responsible for the general management functions of the firm’s New
    York office. Mr. Higbee has been materially involved in the firm’s direct, secondary and partnership investment
    activities and is a primary relationship manager for several leading partnerships in the United States. Since
    establishment of Partners Group’s hedge fund business, he has been involved in the firm’s manager selection
    activities in the US. Prior to joining Partners Group, Mr. Higbee worked for PricewaterhouseCoopers as
    Senior Associate in the firm’s capital markets practice in New York where he served several broker/dealer and
    private equity clients. He holds an MBA degree from the Marriott School of Management at Brigham Young
    University.

    Partners Group is one of the largest alternative asset managers worldwide focusing on private equity and
    hedge funds. Its head office is situated in Zug, Switzerland, and it has representative offices in New York,
    Guernsey, London and Singapore. Partners Group has invested globally in over 100 leading private equity
    partnerships as well as directly in companies of various financing stages and a range of hedge fund managers.
    www.partnersgroup.net




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Robin Marshall
Founding Partner, 3i Growth Capital
Robin Marshall is a Founding Partner of 3i US Growth Capital. Mr. Marshall joined 3i in 2000 and has worked
in the UK on Venture Capital, Growth and Buyout deals. Most recently he was the Managing Director of 3i
UK Regions. Since January 2006, Mr. Marshall has been a Partner in 3i’s US Growth Equity business based in
New York. Over his investing career, Mr. Marshall has been involved in investments in Ben Sherman, Careshare,
Ardana Bioscience, Canvas Holidays, Local Press, Epcon Offshore, Petrochem Carless, and Energy Development
Partners. Prior to joining 3i, Mr. Marshall was with Procter & Gamble and McKinsey & Company. Mr. Marshall
graduated from the University of Glasgow, and was a Post Graduate Thouron Scholar at the University of
Pennsylvania. Mr. Marshall is Vice-Chairman of the Association for Corporate Growth.

The 3i Group is a world leader in private equity and venture capital. 3i works with talented management teams
to develop businesses that have potential for significant growth. Each year 3i invests €1.5 billion supporting
people who start, grow, change and buy businesses. We have been doing this for over 60 years; delivering
significant power to the people we work with through our knowledge, experience and global network of
relationships. We form close partnerships with the companies we invest in and we build strong relationships
based on integrity, trust and mutual respect. www.3i.com


Brett Rochkind
Vice President, General Atlantic LLC
Brett Rochkind is a Vice President at General Atlantic LLC, a global private equity firm, where he focuses
on investments in the Business Solutions and Enterprise Systems sector. He joined General Atlantic in
Greenwich in 2002. Mr. Rochkind is a Board Observer at SSA Global, a publicly-traded enterprise applications
software company, PowerDsine, a publicly-traded communications semiconductor company based in Israel,
Altair Engineering, a privately-held computer aided engineering software company and IHS, a publicly-held
information services company. Prior to joining General Atlantic, Mr. Rochkind was an investment banker with
Morgan Stanley & Co. from 1998 though 2001 in their Mergers & Acquisitions department in New York and
Menlo Park. In 2001, Mr. Rochkind moved to Israel to help establish Morgan Stanley’s office based in Tel Aviv.
Brett graduated magna cum laude and as a University Scholar (significant merit scholarship) from the Stern
School of Business at New York University. Mr. Rochkind is active in Israel and Israeli related organizations where
he is a member of the Israel Venture Network and the AIPAC Manhattan Club, and recently was married in
Israel this past summer. In addition, Mr. Rochkind is active in New York, where he is on the Executive Board of
the New York University Alumni Association and Co-Founder of the Young Alumni Leadership Circle at NYU.

For over 25 years, General Atlantic (GA) has provided equity financing to private and public companies
globally. GA has invested in about 150 companies and currently has approximately $10 billion in capital under
management. Investments range from $50 million to $400 million in equity for growth, expansions, buy-outs,
consolidations and build-ups. GA invests in 8-12 companies per year with an annual investment target of $1
billion. An integral part of the GA strategy is to provide much more than capital to the portfolio companies.
GA has spent 25 years building the organizational capacity to deliver on its value-added commitments and has
a reputation for helping build market leaders. The key to GA’s success is an experienced group of investment
professionals who work in teams across sectors and regional offices worldwide. www.generalatlantic.com




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                            2nd Annual
                            Stern Private Equity Symposium



                            Leveraged Buyout Panel

                             Moderator, David MacKinnon
                             Partner, Ernst & Young
                             David MacKinnon is a Partner in Ernst & Young’s Transaction Advisory Services Practice,
                             where he has been providing due diligence and other transaction advisory services
                             to primarily the private equity community for 14 years. In addition to serving as the
                             coordinating partner on a number of global private equity funds, Mr. MacKinnon leads
                             Ernst & Young’s efforts in serving the Private Equity community in the New York market.
                             Mr. MacKinnon has significant experiencing in leading large, global transactions with
                             complex financing arrangements. He spent the first seven years of his career with Ernst
                             & Young Boston and North Carolina Offices in the audit practice serving large SEC
    registrants involved in merger and acquisition activities, and then spent three years in the Chicago Office of the
    Transaction Advisory Services practice before moving to New York in 1996. Prior to joining Ernst & Young in
    1985, Mr. MacKinnon received his B.S. from the Northeastern Graduate School of Professional Accounting and
    his B.A. from Middlebury College. Mr. MacKinnon is licensed as a C.P.A. in New York and Massachusetts, and
    currently serves on the board of several community organizations. He and his family reside in Pelham Manor,
    New York.
    Ernst & Young, a global leader in professional services, is committed to restoring the public’s trust in professional
    services firms and in the quality of financial reporting. The firm’s 114,000 people in 140 countries pursue the
    highest levels of integrity, quality, and professionalism in providing a range of sophisticated services centered
    on core competencies of auditing, accounting, tax, and transactions. Further information about Ernst & Young
    and its approach to a variety of business issues can be found at www.ey.com/perspectives. 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 Global Limited does not provide services to clients. www.ey.com


                             Adrian Jones
                             Partner, Goldman Sachs Principal Investment Area
                           Adrian Jones works at PIA in New York. He joined Goldman Sachs in 1994 as an
                           associate in the Investment Banking Division. After two years in the Communications
                           & Media Department and mobility assignments in Equity Capital Markets and in the
                           Executive Office of Goldman Sachs International, Mr. Jones joined PIA in London in
                           1998. Mr. Jones returned to New York with PIA in 2002, and became a managing
                           director later that year. He became a partner in 2004. Mr. Jones served as a Lieutenant
                           in the Irish Army. From 1987 to 88, Mr. Jones Adrian served in the United Nations
                           Peacekeeping Force in Southern Lebanon. After moving to the U.S. in 1989, Mr. Jones
    worked for two years at Bank of Boston in Credit Derivatives.
    Mr. Jones earned a B.A. in Economics and Politics from University College, Galway in 1986, a M.A. in Economics
    from University College, Dublin in 1989, and a M.B.A. from Harvard in 1994.
    GS Capital Partners is the private equity vehicle through which The Goldman Sachs Group, Inc. conducts
    its privately negotiated corporate equity investment activities. Since 1986, GS Capital Partners has formed 12
    investment vehicles, aggregating over $36 billion of capital. The Goldman Sachs Group, Inc. and certain of its
    subsidiaries are the general partner, managing limited partner or the managing partner of, as well as investors
    in the GS Capital Partner funds. GS Capital Partners portfolio companies have access to the broad range of
    resources offered by Goldman Sachs, including market insights and innovative financing/structuring solutions.
    With a global team of approximately 110 investment professionals in New York, San Francisco, London, Hong
    Kong and Tokyo, GS Capital Partners has expertise in a variety of industries and in different forms of private
    equity instruments. Examples of opportunities GS Capital Partners typically invests in include leveraged buyouts,
    growth investments and build-ups. www.goldmansachs.com

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                        Janegail Orringer
                        Managing Director, Carlyle Group Leveraged Finance
                         Janegail G. Orringer has spent the last seventeen years performing detailed credit
                         analysis on below investment grade assets, including high yield debt, mezzanine
                         investments and public/private equities. Ms. Orringer joined Carlyle in 1999, and
                         currently manages a pool of stressed and second lien loans and serves as the gaming
                         and healthcare products analyst. Since joining Carlyle Leveraged Finance, Ms. Orringer
                         has also served as research head and co-bond portfolio manager as well as the building
                         materials and broadcast analyst. Prior to joining Carlyle in 1999, Ms. Orringer worked
                         in the high yield department at SunAmerica Inc., serving as Vice President and Portfolio
Manager-High Yield with responsibility for the healthcare, metals, gaming and building materials components
of a $3 billion high yield portfolio. Prior to joining SunAmerica in 1990, Ms. Orringer was an Assistant Vice
President in the high yield and workout departments at Columbia Savings where she served as a gaming and
building materials analyst, as well as a workout specialist. Ms. Orringer received her B.A. from Bryn Mawr
College and J.D. and M.B.A. degrees from New York University where she was Managing Editor of the Journal
of International Law & Politics. She has been a member of the California and Texas state bars, and has served on
the finance committee of the Alumnae Fund of Bryn Mawr College as well as the boards of several community
organizations.
The Carlyle Group is a global private equity firm with $46.9 billion under management. Carlyle invests in
buyouts, venture & growth capital, real estate and leveraged finance in Asia, Europe and North America,
focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, healthcare,
industrial, technology & business services and telecommunications & media. Since 1987, the firm has invested
$24 billion of equity in 576 transactions for a total purchase price of $101.8 billion. The Carlyle Group employs
more than 740 people in 16 countries. In the aggregate, Carlyle portfolio companies have more than $68 billion
in revenue and employ more than 200,000 people around the world. www.carlyle.com


                        Scott Zoellner
                        Managing Director, AEA Investors, LLC
                        Scott Zoellner joined AEA in 2004 to assist in the formation of a new mezzanine
                        investing effort focused on the middle market. Prior to joining AEA, he was a principal
                        in the New York office of Allied Capital, a NYSE-traded business development company.
                        While at Allied Capital, Mr. Zoellner was responsible for originating, executing and
                        monitoring privately negotiated debt and equity investments in both sponsored and
                        non-sponsored middle market companies, serving as a director of Callidus Capital
                        Corporation and a member of the management committee of Callidus Capital
                        Management LLC. Prior to joining Allied Capital, Mr. Zoellner served as a consultant
to the Carlyle Group and a managing director in the investment banking division of Credit Suisse First Boston
(“CSFB”) where he spent twelve years after joining the firm in 1990. During his tenure at CSFB, he was a
member of the leveraged finance group and the global industrial and services group. While at CSFB, Mr.
Zoellner originated and executed debt and equity financings in the public, 144A and private markets in both
U.S. and Europe. Mr. Zoellner holds a B.A. in economics and political science from Trinity College in Hartford,
Connecticut, and an M.B.A. from NYU Stern School of Business.
AEA is a pioneer in the private equity industry, having been founded in 1968 by the Rockefeller, Mellon, and
Harriman family interests and S.G. Warburg & Co. With almost 40 years of investing experience, AEA has
established a track record of achieving superior returns as a leading private equity partner and mezzanine debt
provider to middle market companies. In early 2005, AEA Holdings was formed as a result of the combination
of AEA Investors and Aetos Capital, a leading alternative asset investment management firm. The partnership
offers investors a wider range of high-quality alternative asset investment opportunities and complements its
current private equity funds. www.aeainvestors.com




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                            2nd Annual
                            Stern Private Equity Symposium



                            Distressed Investing Panel

                             Moderator, Professor Edward I. Altman
                             New York University Stern School of Business
                                Edward I. Altman is the Max L. Heine Professor of Finance at the NYU Stern School
                                of Business. He is the Vice-Director of the NYU Salomon Center for Research in
                                Financial Institutions and Markets, and since 1990 has headed the research effort in
                                fixed income and credit markets at the center. Professor Altman has an international
                                reputation as an expert on corporate bankruptcy, high yield bonds, distressed debt and
                                credit risk analysis. He was named Laureate 1984 by the Hautes Etudes Commerciales
                                Foundation in Paris for his accumulated works on corporate distress prediction models
                                and procedures for firm financial rehabilitation, and awarded the Graham & Dodd
     Scroll for 1985 by the Financial Analysts Federation for his work on Default Rates on High Yield Corporate Debt.
     The University of Buenos Aires named him Profesor Honorario in 1996. He is currently an advisor to the Centrale
     dei Bilanci in Italy and to several foreign central banks. Professor Altman is also the Chairman of the Academic
     Council of the Turnaround Management Association. He was inducted into the Fixed Income Analysts Society
     Hall of Fame in 2001 and elected President of the Financial Management Association (2002).
     Professor Altman is one of the founders and an executive editor of the international publication Journal of
     Banking and Finance, and advisory editor of a publisher series The John Wiley Frontiers in Finance Series.
     Professor Altman has published or edited nearly two-dozen books and more than 100 articles in scholarly
     finance, accounting, and economic journals. His most recent works Managing Credit Risk: The Next Great
     Financial Challenge (1998) and Bankruptcy, Credit Risk, and High Yield Junk Bonds (2002). Prior to his
     appointment at Stern, Professor Altman has been a visiting Professor at the Hautes Etudes Commerciales
     and Universite de Paris-Dauphine in France, at the Pontificia Catolica Universidade in Rio de Janeiro, at the
     Australian Graduate School of Management in Sydney, and Luigi Bocconi University in Milan. Professor Altman
     received his MBA and his doctor of philosophy in finance from the University of California, Los Angeles.
     www.stern.nyu.edu


                             Edwin M. Banks
                             Partner, SATO Capital Management
                             Edwin M. Banks has over 20 years of investment management experience. During
                             his 19 years at W.R. Huff Asset Management Co. (“Huff”), Mr. Banks participated
                             in the growth of the firm which grew from 4 professionals with $350 million under
                             management to a firm with over 40 professionals and $20 billion under management
                             in an array of products. Mr. Banks was involved in all aspects of the business with
                             direct responsibility for: research, portfolio management, trading, idea generation,
                             deal management, recruiting, training, personnel management, marketing and client
                             service. Mr. Banks was a Senior Portfolio Manager at Huff and was Chief Investment
     Officer of two private investment funds which had total committed capital of $1.3 billion.
     Mr. Banks has extensive experience in the conception and management of investments in: high yield bonds,
     distressed debt securities, mezzanine debt, private and public equities and structured equity and debt products.
     He has served on and chaired many formal and informal creditor’s committees, which have included some of
     the largest and most complex bankruptcies in U.S. history. Mr. Banks has also served on numerous boards of
     directors. He is currently a director of Caremark, Rx, Inc., NTL Communications, Inc. and CKX, Inc. Consistent
     with the activist approach taken at Huff, Mr. Banks has been a Director at many investee companies including:
     Charter Medical/Magellan Health Services, ACSI/espire Communications, Arch Wireless, Del Monte Foods,
     Multi-Market Radio and many privately held companies. Mr. Banks has a BA (History) from Rutgers College, an
     MBA from Rutgers University and is a Chartered Financial Analyst.
     SATO Capital Management is a private investment firm that specializes in investments in the global credit
     markets, with a focus on stressed and distressed credits. The firm’s partners have over 30 years of buy side
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experience in the high yield and distressed markets. The team uses a fundamental research driven approach to
identify investment opportunities and utilizes a broad spectrum of credit instruments to exploit inefficiencies in
global credit markets, with a principal emphasis in North America and Europe.


                         Barry Ridings
                         Managing Director and Vice Chairman, Lazard Freres & Co. LLC
                         Barry W. Ridings is a Managing Director and Vice Chairman of U.S. Investment Banking
                         of Lazard Freres & Co. LLC. Mr. Ridings joined Lazard Freres in July 1999 to co-head its
                         Restructuring advisory practice. Mr. Ridings is also Chairman of LFCM Holdings, which
                         includes the operations of Lazard Capital Markets and Lazard Alternative Investments.
                         Mr. Ridings has 30 years experience in the restructuring of companies. Recently he has
                         been involved in a number of major restructurings including, among others, Trump
                         Casino, Tower Automotive, Collins & Aikman, Meridian Automotive and Radnor
                         Holdings. He has also been involved in several asbestos bankruptcies including Celotex,
Owens Corning and NARCO. Mr. Ridings has also been the principal investment banker on over 25 public
offerings of High Yield Debt. He has extensive experience in initial public offerings, secondary stock offerings,
mergers and acquisitions, and opinion letters. Mr. Ridings has an M.B.A. in Finance from Cornell University and
a B.A. in Religion from Colgate University.
Lazard is one of the few full-service investment banks with a dedicated restructuring advisory effort. Lazard’s
Restructuring Group is one of the largest restructuring practices on Wall Street dedicated to providing advisory
services to debtors and creditors in debt restructuring and business reorganizations. Members of the Group
have extensive experience in a broad range of transactions, including Chapter 11 bankruptcies, out-of-court
reorganizations both domestically and internationally, asset sales, mergers, joint ventures, tender and exchange
offers. Since 1990, the Restructuring Group has managed over 200 restructurings with an aggregate value
of more than $300 billion. The New York, Chicago and London offices have 30 professionals dedicated to
restructuring advisory. Lazard’s competitive advantages include its Restructuring track record; M&A expertise;
and its extensive industry knowledge together with its general lack of conflicts. www.lazard.com


                         George J. Schultze
                         Founder and Managing Member, Schultze Asset Management, LLC
                         George J. Schultze is Founder, Managing Member and Portfolio Manager of Schultze
                         Asset Management, LLC. He has been an active investor for over 13 years and has
                         over 10 years of distressed working experience. Prior to founding Schultze Asset
                         Management, LLC in 1998, Mr. Schultze was a Senior Analyst at MD Sass, where
                         he worked in the distressed group as one of three professionals investing a $1.3
                         billion portfolio. Mr. Schultze was also a Fund manager for a family fund investing in
                         distressed securities and special situations. Mr. Schultze serves or has served on various
                         lender committees including United Airlines, Atkins Nutritional, American Plumbing
& Mechanical, Inc., Horizon Natural Resources, Interstate Bakeries Corp., Levitz Home Furnishings and Breed
Technologies, Inc. He is also on the Board of Directors of Power Plumbing GP, Inc. and serves on the Investment
Finance Committee of Resurrection Church (Rye, NY).
Mr. Schultze is a frequent speaker at nationally renowned collegiate and professional organization investment
conferences. He is a member of the American Bankruptcy Institute as well as the Hedge Fund Business
Operations Association and has been quoted in several publications including: Business Week, TheStreet.com,
CNN, CNNfn, The Wall Street Journal, and The Daily Bankruptcy Review. Mr. Schultze is a joint-graduate of
Columbia Business School and Columbia Law School, JD/MBA (‘95/96) and earned a B.A. from Rutgers College
where he graduated with a joint major in Economics/Political Science and earned the Henry Rutgers Scholar
distinction.
Schultze Asset Management, LLC, founded in 1998, deploys about $500MM investing opportunistically in
the securities of companies in & around bankruptcy. The investment team, led by George J. Schultze, brings
years of combined experience across the distressed, legal, bankruptcy, fixed income, and credit sectors. Schultze
manages a special-situations strategy, which incorporates elements of event-driven, activism, deep-value, and
of course, bankruptcy & financial distress. This multi-disciplined approach to investment sourcing, analysis and
execution is combined with stringent and effective risk controls that allow the firm to effectively invest long or
short anywhere in the capital structure at any point in the bankruptcy process; pre- through post-bankruptcy.
www.samco.net

                                                                                                                      11
                             2nd Annual
                             Stern Private Equity Symposium



                             Venture Capital Panel

                               Moderator, Steven D. Bortnick
                               Counsel, Dechert LLP
                               Steven Bortnick is counsel in the New York office of the international law firm, Dechert
                               LLP, where he is a member of the tax and private equity groups. Mr. Bortnick’s
                               experience includes the structuring of taxable and tax-free acquisitions, dispositions,
                               recapitalizations and spin-offs in both the domestic and international arenas. Most of
                               Mr. Bortnick’s time is spent structuring, and analyzing the tax and VCOC consequences
                               of, private equity transactions. He also has been involved in the formation of private
                               equity and hedge funds. Mr. Bortnick has lectured on tax and VCOC matters, and has
                               been published in Private Equity Manager, Private Equity Online, Buyouts, the Venture
     Capital Journal and Israel Venture Capital Journal, among others, and he received his law degree, with honors,
     and a certificate in taxation with distinction, from Rutgers University School of Law and his LLM in taxation from
     New York University School of Law.
     Dechert LLP is an international law firm with more than 1000 lawyers in 17 cities providing world-class, top-
     ranked services to major corporations, financial institutions, and private funds. Dechert is ranked among the
     top ten law firms for private equity buyouts by The American Lawyer Corporate Scorecard and merger market,
     and recognized as one of the “most active law firms” for both fund formation and fund investments by Private
     Equity Analyst. The firm is also recommended for buyouts and fund formation by The Legal 500 and for private
     equity transactions by Chambers and JUVE. www.dechert.com


                              Joe Allegra
                              General Partner, Edison Venture Partners
                             Joe Allegra directs Edison’s regional investment team in New Jersey. He focuses on
                             investment opportunities in New Jersey, New York and New England. Mr. Allegra
                             actively leads Edison’s investments in wireless applications, enterprise and systems
                             software and frequently sits as a board member. As co-founder and CEO of Princeton
                             Softech, Mr. Allegra guided the company to $40 million revenue. Prior to Softech, Mr.
                             Allegra was VP of R&D for Computer Associates, following its acquisition of Applied
                             Data Research. Mr. Allegra was a finalist as Ernst & Young Entrepreneur of the Year and
                             received the NJTC Technology Supporter Award in 2003. He co-founded the Software
     Association of New Jersey and served as Chairman of the New Jersey Technology Council. Mr. Allegra received
     a BA in Economics & Computer Science from Rutgers University. He also received an MBA with a concentration
     in Information Systems from New York University’s Leonard N. Stern School of Business.
     Edison Venture Partners invests in expansion stage ($5 to $20 million revenue) IT companies located in the
     New York City to Virginia corridor. Edison invests $4 to 7 million initially and usually is the sole or lead investor.
     Edison’s capital pool exceeds $650 million in six independent limited partnerships. Its diversified strategy
     includes venture capital, expansion financings, management buyouts, consolidations, and secondary stock
     purchases. Edison has expertise and experience in financial technology, pharmaceutical business solutions and
     communications and has made more investments in the Mid-Atlantic region than any other private equity firm.
     Edison sponsors and leads many entrepreneurial, venture and technology groups in New Jersey, New York,
     Pennsylvania, Delaware, Maryland and Virginia. www.edisonventure.com




12
                        Andrew Cleland
                        Executive Director, Time Warner Corporate Ventures
                       Andrew Cleland sources, evaluates, and executes investments on behalf of Time
                       Warner in early-stage media and technology companies. Particular areas of interest
                       include online video, next-generation advertising, and cable infrastructure. Mr.
                       Cleland is currently a board director of Visible World, and a board observer of Entropic
                       Communications, BigBand Networks, Veoh, and Double Fusion. Prior to his current
                       role, Mr. Cleland worked in Time Warner’s Corporate Strategy Group advising senior
                       management on issues such as AOL’s advertising and investment deal with Google,
                       and Time Warner Cable’s video-on-demand strategy. Prior to Time Warner, Andrew
was Vice President and general manager of TrustTheDJ.com, helping to build the company from scratch to
a $20MM valuation. Previously, he worked as a strategy consultant for Booz Allen & Hamilton’s Media and
Entertainment Group in London. Andrew holds an MA in Economics with distinction from Edinburgh University,
and received his MBA from INSEAD in France.
Time Warner Investments group focuses on investment opportunities that directly enhance Time Warner’s
ability to meet specific strategic goals. These strategic goals include the delivery of new services, enhancement
of an existing product, entry or expansion into a key strategic market, completion of a strategic partnership, and
critical research and development. Time Warner Investments works closely with management, other investors,
and with the Time Warner operating companies to derive value and maximize the opportunities for mutually
beneficial partnerships. Time Warner Investments seeks to acquire minority equity stakes in private companies,
and targets an investment size of up to $25MM. www.timewarner.com

                        Benjamin Levin
                        Principal, Insight Venture Partners
                        Benjamin Levin joined Insight in 2002. Mr. Levin joined Insight from Greenwich
                        Technology Partners where he was responsible for initiating, evaluating and structuring
                        strategic acquisitions, partnerships and investments in the data networking space.
                        Previously, Mr. Levin was a Vice President with Mentmore Holdings Corporation, a New
                        York based private equity firm, where he sourced, structured and negotiated leveraged,
                        growth and venture investments across a wide range of industries. He started his career
                        as a Financial Analyst in Solomon Brothers’ Mergers and Acquisitions department. Mr.
                        Levin received an AB in Government from Harvard College.
Founded in 1995, Insight Venture Partners is the fastest-growing venture capital firm specializing in software
and the Internet. Insight has built a team composed of experienced investors and operating executives with
more than 150 years of collective experience in these industries, and a capital base of over $1.5 billion to
support the companies in which it invests. www.insightpartners.com

                        April Young
                        Managing Director, Comerica Bank, Technology & Life Sciences Division
                         April Young is Senior Vice President and Managing Director, Mid-Atlantic Region,
                         Technology and Life Sciences Division, Comerica Bank. She is responsible for developing
                         and managing the Bank’s portfolio of life science and technology company clients from
                         Pennsylvania to Florida. Prior to joining Comerica, Dr. Young was Founding Executive
                         Director of the Potomac KnowledgeWay Project, a non-profit, leadership organization
                         designed to help Greater Washington become a global leader in digital information
                         products and services. Previously, Dr. Young served as Senior Fellow for Regional
                         Economic Development at George Mason University’s Institute for Public Policy. Prior
to GMU, Dr. Young was the Director of the Virginia Department of Economic Development. Dr. Young holds
Bachelors and Masters Degrees in Urban and Regional Planning from George Washington University and a
Ph.D. in Public Policy Analysis from Saint Louis University.
Comerica Bank’s Technology & Life Sciences Division is one of the nation’s leading technology banking
practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and
professionals. Veteran bankers provide credit and financial services and products to young, growing,
professionally backed technology and life sciences companies, as well as their more mature counterparts. The
Technology & Life Sciences Division serves all major U.S. technology centers with its headquarters in Palo Alto,
Calif. Comerica Bank is a subsidiary of Comerica Incorporated, a financial services company headquartered in
Detroit that is among the 25 largest banking companies in the U.S. www.comerica.com
                                                                                                                     13
                            2nd Annual
                            Stern Private Equity Symposium

                            Closing
                            Keynote Address

                             Alfred C. Eckert III
                             Chairman and
                             Chief Executive Officer, GSC Group
                              Alfred C. Eckert founded GSC Group in 1999. Prior to that, he was Chairman and
                              CEO of Greenwich Street Capital Partners which he co-founded in 1994. Mr. Eckert
                              was previously with Goldman, Sachs & Co. from 1973 to 1991, where he was elected
                              as a Partner in 1984. Mr. Eckert founded the firm’s Leveraged Buyout Department in
                              1983 and had senior management responsibility for it until 1991. He was Chairman
                              of the Commitments and Credit Committees from 1990 to 1991 and co-head of
     the Merchant Bank from 1989 to 1991. He was also the Co-chairman of the Firm’s Investment Committee
     from its inception in 1986 until 1991. Mr. Eckert is a director of The Willow School and is Vice Chairman of
     the Kennedy Center Corporate Fund Board. Mr. Eckert graduated from Northwestern University with a B.S.
     degree in Engineering and graduated with Highest Distinction as a Baker Scholar from the Harvard Graduate
     School of Business Administration with a M.B.A. degree.
     GSC Group is a registered investment advisor with $18.3 billion of assets under management, as of September
     30, 2006. GSC Group specializes in credit-based alternative investment strategies including control distressed
     debt investing, corporate credit, European mezzanine lending and structured finance investing. GSC Group
     is privately owned, has over 170 employees, is headquartered in New Jersey and has offices in New York,
     London and Los Angeles.
     GSC Group was founded in 1999 by Alfred C. Eckert III, the Company’s Chairman and CEO. Its senior
     officers and advisors are in many cases long-time colleagues who have worked together extensively at
     institutions including Goldman Sachs, Greenwich Street Capital Partners and The Blackstone Group. Through
     the combined experience of these individuals, GSC Group identifies sectors of the credit markets that it
     believes to be attractive. GSC Group generally invests its own capital alongside the capital of its clients.
     www.gscpartners.com




14
15
     2nd Annual
     Stern Private Equity Symposium



     Notes




16
About Our Sponsors

SPEC Thanks All Of Our Sponsors For Their Generous Support!

Platinum Sponsor: Ernst & Young LLP
Ernst & Young, a global leader in professional services, is committed to restoring the public’s trust in
professional services firms and in the quality of financial reporting. The firm’s 114,000 people in 140
countries pursue the highest levels of integrity, quality, and professionalism in providing a range of
sophisticated services centered on core competencies of auditing, accounting, tax, and transactions.
Further information about Ernst & Young and its approach to a variety of business issues can be found at
www.ey.com/perspectives. 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 Global Limited does not
provide services to clients.


Gold Sponsor: Curtis, Mallet-Prevost, Colt & Mosle
Curtis, Mallet-Prevost, Colt & Mosle’s Private Equity and Venture Capital Group consists of lawyers from
the Firm’s corporate, tax, intellectual property, real estate, ERISA and environmental practice areas. The
group’s focus is on developing and maintaining long-term client relationships by offering a combination
of world-class legal services and partner-level attention to each of its clients. The Firm has broad
experience in representing funds and other financial investors in domestic and international private
equity transactions. Attorneys in the Private Equity and Venture Capital Group are principally located in
Firm’s New York, London, Mexico, Paris and Frankfurt offices. www.cm-p.com


Silver Sponsor: Capital IQ
Capital IQ, a division of Standard & Poor’s, provides high-impact information and workflow solutions
to over 1,600 leading financial 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. For more information, please visit Capital IQ’s
web site at www.capitaliq.com.


Silver Sponsor: Partners Group
Partners Group is one of the largest alternative asset managers worldwide focusing on private equity
and hedge funds. Its head office is situated in Zug, Switzerland, and it has representative offices in New
York, Guernsey, London and Singapore. Partners Group has invested globally in over 100 leading private
equity partnerships as well as directly in companies of various financing stages and a range of hedge
fund managers. www.partnersgroup.net




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