Westwoodcapital Brochure

West wood Capital delivering creative solutions to clients with complex financial needs

PROVEN

Westwood WestwoodCapital, Capital,LLC LLCwas wasfounded founded in in 1995 1995 based based upon upon aa relatively relatively simple simplenotion notion –– investment investmentbankers bankers

CREATIVITY

should should be be in in the the business business of of providing providing value-added, value-added, customized customized

WESTWOOD CAPITAL’S BANKERS ARE THE CREATORS OF MANY FINANCIAL TECHNOLOGIES THAT ARE TODAY WIDELY ACCEPTED IN THE CAPITAL MARKETS

solutions solutions to to clients’ clients’ capital capital markets markets needs – not in the business needs – not in the business of of “selling” “selling” financial financial products products on on aa high high volume, volume, one-size-fits-all one-size-fits-all basis. basis. Westwood Westwoodoffers offersaaunique uniquecombinacombination of expertise and experience tion of expertise and experience in in the the development development and and applicaapplication of state-of-the-art financial tion of state-of-the-art financial

CUSTOM SOLUTIONS GIVING CLIENTS ACCESS TO CUSTOMSTRUCTURED TRANSACTIONS IS A HALLMARK OF WESTWOOD CAPITAL’S PRODUCT FOCUS

CLIENT FOCUS WESTWOOD CAPITAL GOES SHOULDERTO-SHOULDER WITH ITS CLIENTS, FROM BEGINNING TO END, IN ORDER TO ACHIEVE SUCCESS

technology in the firm’s four technology in the firm’s four practice areas. Industry leaders practice areas. Industry leaders and innovators in their fields, and innovators in their fields, Westwood’s bankers have been Westwood’s bankers have been engaged – for an average of nearly engaged – for an average of nearly two decades each – in the creation two decades each – in the creation and popularization of many forms of and popularization of many forms of financing that are today widely financing that are today widely accepted in the financial markets, accepted in the financial markets, but were originally custom-designed but were originally custom-designed solutions for individual clients. It solutions for individual clients. It is Westwood’s continuing and is Westwood’s continuing and passionate focus on giving each passionate focus on giving each client the benefit of the experience client the benefit of the experience and attention of the firm’s most and attention of the firm’s most senior professionals that has resulted senior professionals that has resulted in an ongoing series of successes in an ongoing series of successes for our clients, and industry recognifor our clients, and industry recognition for the firm. Westwood is the tion for the firm. Westwood is the source for maximizing value and source for maximizing value and opportunity through new ideas opportunity through new ideas and creative solutions – so often and creative solutions so often “never-before-done” until– done by “never-before-done” until done by Westwood. Westwood.

PRACTICE AREAS

I

II

S e c u r i t i z at i o n

Mergers,

and

Acquisitions and

C o r p or at e

Financial

Finance

A d v i s or y S e rv i c e s

III

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pr oject

RESTRUCTURING

d e v e l op m e n t

ADVISORY

finance and

SERVICES

r e a l e s tat e

A N D L I T I G AT I O N

a d v i s or y s e r v i c e s

S U P P O RT

I

II

S e c u r i t i z at i o n

Mergers,

and

Acquisitions and

C o r p or at e

Financial

Finance

A d v i s or y S e rv i c e s

Securitization and Corporate Finance Giving clients access to custom-structured securitized debt issuance is a hallmark of Westwood Capital’s product focus. Through privately placed securitizations of hard and financial assets, future-flow securitizations, offerings by first time issuers as well as securitizations of new asset types, Westwood introduces issuers and assets to the capital markets in a way that maximizes the interest of the market and value for the client. Westwood’s principals have been an integral factor in the creation and execution of a number of signature transactions including the first commercial mortgage-backed securities offerings, the first issuance of investment-grade rated assetbacked securities as part of the reorganization of a bankrupt estate, the first investmentgrade rated debt issue backed by gaming device revenues, the first major music royalty transaction, and the introduction of securities backed by Small Business Admin-istration loans. As individuals “present at the creation” of the assetbacked securitization industry, Westwood’s senior professionals bring an unparalleled creativity and perspective to the debt capital markets.

Mergers, Acquisitions and Financial Advisory Services Westwood Capital is a leading US investment bank in the field of non-bank, financial services mergers and acquisitions. Since the founding of the firm in 1995, the M&A and financial advisory practice, together with the securitization and restructuring practices, have enabled Westwood to offer an extensive and complementary package of services to non-bank lenders and their shareholders. Over the years, Westwood has been a source of market knowledge for asset-based lenders, specialty lenders, leasing companies and factors, achieving unparalleled success in establishing a market for clients desiring to recognize value through business combinations or sales. Westwood is the right choice for clients who want to enter or exit a financial services business line – be they mid to large sized banks, non-bank institutions or private equity groups. Westwood has a demonstrated track record of success where others have failed in the disposition of distressed companies and asset pools at prices that recognize the value of underlying origination and servicing platforms.

III

IV

pr oject

RESTRUCTURING

d e v e l op m e n t

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finance and

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A N D L I T I G AT I O N

a d v i s or y s e r v i c e s

S U P P O RT

Project Development Finance and Real Estate Advisory Services Since 1995, Westwood Capital has been an innovator in the area of applying structured finance techniques to assist owners and developers of real estate assets. The firm’s real estate activities concentrate on the hospitality and gaming industries as well as other operating property uses such as self-storage, healthcare and specialty/franchise retail. Westwood’s value-added services also include sourcing and negotiating strategic equity and joint venture investments on behalf of its clients. The firm is perhaps best known for its commitment to the hotel and gaming sectors, where Westwood has been involved in transactions ranging in size from $50 million to more than $1 billion, from megamillion dollar multi-use gaming/ hotel/retail properties on the strip in Las Vegas; to gaming and nongaming resorts throughout the Caribbean; to gaming properties throughout Asia. Westwood appreciates that the strategic planning and execution of complex projects requires financial input from the earliest stages, and Westwood prides itself on being one of very few investment banking firms in the real estate arena willing to dedicate resources to multi-year assignments – going shoulder-toshoulder with its clients, from beginning to end, in order to achieve success.

Restructuring Advisory Services and Litigation Support In an age of high leverage and acute business cycles, it is critical for businesses and creditors to have access to highly specialized advisory services during periods of financial difficulty. With extensive experience in structured transactions and the finance, insurance and real estate (FIRE) sector of the business economy, Westwood offers strategic financial advisory assistance that sets the firm apart from others in the restructuring industry. Westwood has represented debtors and creditors in restructurings ranging from $100 million out-of-court work-outs to $5 billion bankruptcy proceedings. The firm is recognized for adding considerable value to situations involving complicated structures and companies with heavy dependence on repeated issuance of securitized debt. Westwood’s principals have been admitted as expert witnesses in U.S. Bankruptcy Courts and have advised counsel on litigation theories in cases involving complex financial issues. Westwood is one of the few advisory firms in the structured finance field that can, without conflict or reservation, participate inadversary proceedings against most major lenders, underwriters and service providers, if necessary.

daniel alpert

Mr. Alpert is one of the founding members of Westwood Capital. He has more than 20 years merchant banking and investment banking experience, including a variety of work-out and bankruptcy related restructuring experience. Prior to forming Westwood Capital, Mr. Alpert was a Senior Vice President of Oppenheimer & Co., Inc. He has been the senior banker responsible for client relationships and execution of debt and equity offerings on more than $3 billion of public and private offerings. Mr. Alpert has considerable experience in providing financial advisory services and structured finance execution on commercial mortgage backed and other asset backed structured finance transactions. Mr. Alpert has also been active in mergers and acquisitions and private equity financings. Over the past 15 years, Mr. Alpert has provided and/or arranged for financing for, and advised both debtors and creditors of, a number of distressed companies – both inside and outside of bankruptcy. He has provided expert testimony in the U.S. Bankruptcy Court in cases involving debtors involved in structured finance transactions and the resolution of complex cases related thereto. Mr. Alpert was the investment banker who led the first ever rated commercial mortgage backed security issue backed by a pool of mortgage loans acquired from a distressed lender, the first rated commercial mortgage backed security issue backed by a pool of mortgage loans secured by properties owned by a single borrower and the only REIT IPO involving the simultaneous public offering of common stock and the acquisition of a portfolio of properties out of a Chapter 11 proceeding. He has additional expertise in evaluating the cross-relationships among multiple financing vehicles affiliated with a common issuer/sponsor and devising strategies to maximize recoveries therefrom. Mr. Alpert received his B.A. in Public Policy from the University of Pennsylvania.

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len blum

Mr. Blum has seventeen years of investment banking and capital markets experience. Prior to joining Westwood, Mr. Blum was a Managing Director in the Investment Banking Group of Prudential Securities Inc. During his twelve-year tenure at Prudential, Mr. Blum served in a variety of capacities and was involved in many facets of investment banking, restructuring and capital raising for companies in numerous industries. He was a founding member of the Asset-Backed Securities Group, and was later elevated to Group Head of that area. Under Mr. Blum’s guidance, Prudential achieved a number three market share in ABS, was the number one firm in home equity securities for six consecutive years, and dominated the issuance of securities backed by unguaranteed portions of SBA 7(a) loans. Mr. Blum also has been involved with mergers and acquisition work, initial and subsequent public offerings of common stock, subordinated debt, preferred stock, and senior, unsecured debt. Early in his Prudential tenure, Mr. Blum traded swaps, options, futures, FRAs, currencies and Treasuries (domestic, C$ and Gilts) for Prudential Global Funding. At Global Funding, Mr. Blum traded approximately US$5 billion of swaps, including numerous innovative swap transactions, such as LIBOR arrears swaps, swaps with imbedded options, and other structures that had not yet become commonplace. Mr. Blum served on several management committees, including the Investment Banking Committee and Marketing Committee. Mr. Blum received bachelors and masters degrees from California State University, as well as an MBA from UCLA Graduate School of Management as a Carter Fellow (academic top 2%). A frequent lecturer, Mr. Blum has spoken at or chaired a great number of industry conferences. His writings on ABS have been published, including numerous chapters in two books edited by Frank Fabozzi.

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K e i k i - M ic h a e l Cabanos

Keiki has been active in the finance and legal fields for a number of years, much of it focused on private equity and fund operations. Keiki-Michael Cabanos is currently the Senior Vice President and Corporate Counsel for Westwood Capital, LLC, a New York City based Investment Bank and fund sponsor, where he oversees the legal aspects of the firm, including investment transactions and firm operations. Prior to joining Westwood Capital, Keiki gained experience with closedend fund formation and operations as the initial Chief Financial Officer and General Counsel for FA Technology Ventures, a private equity fund focused on IT and New Energy Technologies. Keiki fused his financial and legal experiences to provide diverse support in investments and oversaw all legal, accounting, financial reporting and administrative functions of this fund. Earlier in his career, Keiki was a Senior Vice President of Consulting for SEFCU and VP of First Albany Corporation, a financial services and investment banking firm, where he formed and controlled the employee private equity funds. In addition to those duties, Keiki was responsible for providing legal counsel in financial, securities, compliance, tax, trust and estate matters for First Albany. Keiki gained further experience as a Senior Litigation Consultant at Deloitte & Touche, LLP. Keiki is a member of several Boards, including the Equinox, Inc., the Executive Committee of the Albany Law School National Alumni Association, and the board of advisors for the Program in Financial Market Regulation at UAlbany and Albany Law School. Keiki has lectured on several topics including private equity, fund operations, corporate strategies, and secured transactions. Keiki received the honor with being selected the Albany Law Outstanding Young Alumnus of 2007 as well as one of the Business Review’s “40-Under –Forty” of 2005. Keiki received a B.S. degree from Cornell University, an M.B.A. degree from the Rensselaer Polytechnic Institute’s Lally School of Management & Technology, and a Juris Doctorate from Albany Law School with honors. He is admitted to practice law in New York and Connecticut and a member of the NYSBA and ABA.

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J o s e ph E r n s t

Mr. Ernst has more than seventeen years banking experience primarily in structured finance debt markets. Most recently, Mr. Ernst was a Managing Director in the Global Fixed Income Group for Australian based Computershare Corporation where he headed a newly-formed global sales group. Prior to this, Mr. Ernst spent twelve years at The Bank of New York where he served in a variety of roles including Global Sales Manager. Mr. Ernst also served on the Board of Directors for the BNY Trust Company of Canada. Mr. Ernst has extensive experience in structured finance debt offerings specializing in credit card, automobile receivable, future flow remittance, collateralized debt obligations and mortgage-backed transactions. Mr. Ernst has also worked on a number of high-profile project finance, debt restructurings and structured finance transactions globally. At Westwood, Mr. Ernst is a member of a dedicated capital markets sales group exclusively devoted to capital raising in both debt and equity markets. Mr. Ernst utilizes his structured finance experience and long-standing relationships in his coverage of banking, private equity and hedge fund clients. Mr. Ernst received his B.S. from the Boston College Carroll School of Management in Finance and Marketing and his M.B.A in Finance from Fordham University.

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RANDAL C. FISHER

Mr. Fisher has over 15 years of experience in investment banking, management consulting, and new venture business development including 3 years devoted to cross-border M&A and business development in India and SE Asia. Most recently, he served as Vice President, Mergers and Acquisitions for SPI Technologies, Inc., Asia’s largest independent business process outsourcing (BPO) company, leading their global M&A and business development activities. In 1998, Mr. Fisher co-founded Net Results LLC, a management consulting firm that has assisted numerous firms in the retail, consumer and service business sectors meet their strategic business and capital plan objectives. He is a service business entrepreneur and an expert in BPO and has structured and financed numerous acquisitions and joint ventures successfully placing private financings involving both debt and equity. Prior to co-founding Net Results, Mr. Fisher was a co-founder and Director of MedFirst Healthcare, Inc., a Goldman Sachs-backed healthcare services and practice management company. Mr. Fisher was also an investment and merchant banker with the Tribeca Group, a New York-based private investment bank; a Senior Vice President at Healthcare Capital Resources, an asset-based lender supporting providers of healthcare services; and Vice President and Senior Analyst at Beekman Research, an equity research firm focusing on aviation. He began his career at New York Air. Mr. Fisher holds his MBA from New York University, Graduate Management Certificates in Biotechnology Value Creation Strategies from Kellogg School of Management at Northwestern University and Healthcare from UC Irvine, and a B.A. from Virginia Commonwealth University.

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kenneth greenberg

Mr. Greenberg brings to the Westwood Capital, LLC team over thirty years of experience in the fixed income and equity marketplace. Mr. Greenberg is in charge of fixed income distribution, secondary private placement trading and managing institutional investor relations for the firm. Prior to coming to Westwood Capital, LLC, Mr. Greenberg was a Senior Vice President and National Sales Manager, Taxable Fixed Income for Oppenheimer and Company, Inc. As a producing sales manager, Mr. Greenberg was responsible for supervising forty sales people of public and private taxable fixed income, including mortgage backed securities, as well as the day to day coverage of private and public fixed income national accounts. Mr. Greenberg served as liaison to the Investment Banking Department, responsible for pricing, structuring and distribution of all private fixed income, including emerging markets and asset backed product and for the distribution of whole loan real estate product. Mr. Greenberg’s comprehensive knowledge of all aspects of the financial industry and his long standing relationships and contacts with the major borrowers of direct placements provides Westwood with the ability to successfully complete complicated and challenging transactions. Mr. Greenberg has extensive experience in most types of asset securitization, including transactions backed by ABL and factoring, commercial auto receivables, real estate, hospitality and gaming financing.

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andrea kutscher

Ms. Kutscher has sixteen years of investment and banking experience. Prior to joining Westwood, Ms. Kutscher was a Senior Vice President in the Structured Finance Group of Prudential Investments. During her over thirteen-year tenure at Prudential, Ms. Kutscher invested money for Prudential and third party clients in the corporate finance, leveraged finance and structured finance divisions. She has structured and invested in over $2 billion of senior and mezzanine debt, equity, synthetic securities and off-balance vehicles for a broad spectrum of companies. At Westwood, Ms. Kutscher specializes in securitization and corporate finance, and brings an investor’s perspective to her highly customized, specialty finance transactional work. One of Ms. Kutscher’s primary areas of focus has been the financing of intellectual property and entertainment royalties. She oversaw the creation of an entertainment finance company, capitalized by Prudential and outside investors, served as principal, and made debt and equity investments in numerous entertainment properties. Ms. Kutscher also has capital markets restructuring experience. She has managed asset servicing transfers, negotiated the sale of operating companies and recapitalizated private and public specialty finance firms. Prior to Prudential, Ms. Kutscher was a banker at the Irving Trust Company, serving as country manager for Colombia and Panama. In addition to merchant and correspondent banking activities, she was part of the steering committee for the restructure of Colombia’s largest bank and the conduit for the country’s substantial oil and gas financings. Ms. Kutscher received a bachelor’s degree in International Relations/Spanish from Colgate University and an MBA in finance from Columbia Business School. A frequent lecturer, she speaks at many industry conferences and her writings and views have been included in numerous periodicals.

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Jon messersmith

Mr. Messersmith, a Managing Director of Westwood Capital, has over fifteen years of corporate finance, restructuring and investment banking experience. He is involved in all of the firm’s practice areas, with experience in a wide range of corporate finance activities. Mr. Messersmith is heavily focused on the firm’s hospitality, real estate and gaming practice, which involves clients in the United States, Caribbean, and Asia. Throughout his career, Mr. Messersmith has been involved in merger and acquisition transactions, debt and equity capital raises, asset securitizations, real estate project finance, and financial restructuring advisory services. He has advised clients in heavy industry and the power generation sector, recently including those involved in renewable energy. In addition to his real estate and project finance experience, Mr. Messersmith has been involved in numerous media transactions including the financing of over $1 billion full-length motion pictures, a $22 million securitization of music royalties, and the successful sale of the Silver Screen partnership film libraries for a total of $500 million. Prior to joining Westwood, Mr. Messersmith was a senior consultant with Nachman Hays Brownstein, Inc., a consulting firm specializing in providing financial advisory and operational restructuring services in connection with distressed situations and turnaround efforts, where he was staffed on projects in the commercial finance and retail sectors. Prior to his tenure at Nachman Hays, he was a partner with Jerome Advisors, LLC, a financial advisory boutique providing investment banking services to clients involved in bankruptcy and other special situations. Mr. Messersmith received his B.S. from Cornell University in economics, and his M.B.A. in Finance from the Wharton School of the University of Pennsylvania.

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JAY MOORHEAD

nardMoorhead Blum hashas fifteen years of investment lorem ipsum door and Mr. spent 20 years on Wall banking Street working with entreprethose great come from best-in-class interactive marketing that neurs and ideas emerging growth companies. Prior to joining agency Westwood develops LLC egiesMr.forMoorhead some of the world’s most-respected marketers. enjoy Capital, co-founded MillRock Partners, a boutique greater revenue andserving profitability from the Internet applications and web sites investment bank private middle market and public growth we build, while delivering greater value to their customers. Opport our clients’ companies. From 2001-2003, Mr. Moorhead was a corporate finance brands and deliver measurable results. And, our data-driven approach and partner at CE Unterberg Towbin and was involved in numerous corporate analytics allow us to set goals to measure and continuously improve our finance transactions in the business information services, consumer clients’ results. of Companies distributed its significant share position in services/retail and semi-conductor sectors. For ten years before joining through a secondary offering. CE Unterberg Towbin (1991-2001), Mr. Moorhead was a founding partner Indeed, clients, superior and financial strength, we of the New with Yorkmarquee investment banking firmtalent VM Equity Partners, advising small publicand companies and private too small to find of ‘bulge brackare nimble well-positioned to meetfirms the growing demands a reboundet’ sponsorship. Prior to co-founding VM Equity Partners, Mr. Moorhead ing. With corporations feeling the effects of a soft economy and cutting was an investment banker at Lehman Brothers, focusing on corporate their marketing budgets, posed uncertainty industry andwith our E.F. finance business development followingabout that our firm’s merger Hutton company.& Co. In his pre-merger career at Hutton, Mr. Moorhead worked on Hutton’s business development in corporate and public delivered relatively flat revenue the year with a modest uptick finance; served as Assistant to through the firm’s Chairman and CEO; and attended Program for Management atbeHarvard in the fourththe quarter. We anticipated revenue forDevelopment the first half ofo flat Business School (1987). with the fourth quarter, which we took as a positive sign that the market andMoorhead’s our businessearly had stabilized. progressed, we and became increasingly Mr. career wasAsspent in politics government. From 1977-80, Mr. Moorhead was a campaign manager, first for the Republican confident of the upturn in our industry as our clients maintained, and in Party and later for George H.W. Bush’s Presidential campaign. From some cases to interactive Moreover,to 1981-83, he increased, served in their the commitment Reagan White House as channels. Special Assistant the in the Office of Private Sector Initiatives. After themarWhite otherPresident major companies tentatively revived their interest in interactive House, Mr. Moorhead worked for the Los Angeles Olympic Organizing keting. Committee as White House and Government Liaison. Mr. Moorhead Our confidence in lightof of Vermont data showing increased usage among graduated from thegrew University in 1975. consumers and customers. We also heard from marketing leaders, such as who urged organizations to change their traditional marketing approaches, and to pay more attention to the interactive channel.

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m atthe w pechinski

As a Managing Director at Westwood Capital, Mr. Pechinski is involved in all of its practice areas, including Mergers and Acquisitions, Project Finance, Structured Finance and Restructurings. He also serves as the firm’s general counsel and is integral to deal development and execution by providing legal expertise at all stages of a given transaction. Mr. Pechinski’s legal and transactional experience allows the firm to proactively lead negotiations on behalf of clients on all fronts in financial advisory engagements. Mr. Pechinski currently serves as the head of Westwood’s Mergers and Acquisitions Department, which is traditionally ranked among the top five or ten investment banks for number of transactions executed involving the sale or purchase of non-bank financial services companies. He has spoken at numerous industry conferences on various topics concerning mergers and acquisitions and corporate finance. Prior to joining Westwood Capital, Mr. Pechinski was an attorney at Skadden, Arps, Slate, Meagher and Flom, LLP. He specialized in real estate law and was involved in a wide variety of practice areas, including mergers and acquisitions, public offerings, workouts, leasing transactions, and joint ventures. As an attorney, Mr. Pechinski has served clients in a variety of industries, including financial services, gaming and real estate development. Prior to joining Skadden, Mr. Pechinski was Associate Vice President of Leaders Magazine, Inc., an international publishing company. Mr. Pechinski received a bachelor’s degree from Wesleyan University (with honors) and a J.D. from Fordham University School of Law (where he was an editor of the Law Review). Mr. Pechinski is a member of both the New York and Massachusetts Bar.

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RICK PETREE

Leonard Blum fifteen of investment banking lorem ipsum door In the past 27has years, Mr.years Petree has initiated, structured and secured financing for international and domestic merger & acquisition and and those great ideas come from best-in-class interactive marketing agency capital markets transactions worth billions of dollars. Before joining that develops for some the world’sofmost-respected marketers. Westwood, Mr.egies Petree was aofco-founder MillRock Partners, a boutique investment serving private middle public growth enjoy greater bank revenue and profitability from themarket Internetand applications and companies. In a joint venture with a leading international business conweb sites we build, while delivering greater value to their customers. Opport sulting firm, MillRock offered a unique, seamless combination of worldour clients’ brandsrestructuring and deliver measurable results. And,execution. our data-driven class operational consultancy and m&a MillRock was also active in raising late venture stage and development capital approach and analytics allow us to set goals to measure and continuouslyfor U.S. companies, in both private and public capital markets. MillRock’s improve our in clients’ of Companies significant share capabilities eachresults. of these areas weredistributed enhanceditsby its combination with Westwood in June 2005. offering. position in through a secondary Indeed, with marquee clients, superior talent and financial strength, we Mr. Petree was a Managing Director of S.G. Warburg & Co. until 1994. are nimble and well-positioned to meet the growing demands of a reboundBased in London in the late 1980’s, he advised on large multinational ing. With corporationsincluding feeling thethe effects of a soft and cutting with m&a transactions, merger of economy Reed International Elsevier and the acquisition of controlling interests in their marketing budgets, posed uncertainty about our industryDHL and by our JAL, Lufthansa and Nissho Iwai. Returning to New York, he led Warburg’s company.activities in the U.S. pharmaceutical and oil and gas sectors banking (advising on the formation of Merck’s consumer joint venture delivered relatively flat revenue through the year pharma with a modest uptick with Johnson & Johnson and financing some of the earliest Western in the fourth quarter. We anticipated revenue for the first half ofo be flat developments of Siberian oil fields). with the fourth quarter, which we took as a positive sign that the market Mr. left Warburg to pursue sovereign advisory andPetree our business had stabilized. Asentrepreneurial progressed, we and became increasingly activities in Central and Eastern Europe. With partners, he founded a fast confident of in thePoland; upturn in our industry as our clients maintained, andmillion in food chain conceived, structured and raised a $200 private equity fund for Southeast Europe; negotiated multi-billion dollar some cases increased, their commitment to interactive channels. Moreover, “Paris Club” sovereign debt reductions for three countries; and advised other major companies tentatively revived their interest in interactive marPrime Ministers and Cabinet members in four countries on privatization keting. transactions and economic development strategies. Our confidence grew in light of data showing increased usage among Prior to his banking career, Mr. Petree practiced law at Simpson Thacher consumers and customers. alsoand heard from marketing such as & Bartlett (New York) andWe Hale Dorr (Boston). He leaders, graduated from Harvard Law Harvard Law School (1978), where he was an Editor of the who urged organizations to change their traditional marketing approaches, Review, and Oxford University (B.A. First Class, 1973). He is a member of and to pay more attention to the interactive channel. the Council on Foreign Relations in New York.

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