Panels

The Global Economy - Is Recovery Sustainable?
Development Finance - Seeding Growth
Financial Sponsors - Back with a Bang
Alternative Assets - Finding Value
Alternative Careers In Finance - Paths Less Traveled
Investment Banking - Stimulating Success

The Global Economy - Is Recovery Sustainable?
After a period of markedly slower global economic growth, evidence of economic recovery is surfacing. In the U.S., improving economic data releases and corporate earnings, coupled with benign inflation, have sent asset prices soaring. A nascent economic recovery is gaining momentum in Japan, and Europe may be next. Emerging market economies are benefiting from significantly greater foreign investment, and appear to have successfully decoupled from the crises of the recent past.

The Global Economics Panel poses the question: "Is the recovery sustainable?" and will explore the underpinnings and quality of the recent economic rebound, with a specific focus on the outlook for financial markets in the year ahead.

Panelists include:

Moderator: Steven A. Meyer, Vice President & Sr. Economic Policy Analyst, Federal Reserve

Bank of Philadelphia

Lawrence Goodman, Director & Senior Fellow, US Treasury

Michael Meyer, Head of Leveraged Finance, Banc of America Securities

Michael Rost, Vice President, Fixed Income, Goldman Sachs

Michael R. Rosenberg, Managing Director and Head of FX Research, Deutsche Bank

Thomas Trebat, Managing Director and Head of the Latin America Team, Citigroup

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Development Finance - Seeding Growth
The lack of access to capital is considered one of the main impediments to growth in the developing world. Capital is needed for transportation, roads, power, and other forms of infrastructure, as well as the development of a viable small business sector, to provide revenue and employment opportunities.

This panel brings together representatives of multilateral development institutions, private equity firms, investment banks, and nongovernmental organizations (NGOs), all of which provide capital to the developing world. Discussion will first center on the the different roles and approaches each of these entities has used in emerging markets, the type of finance they have provided and the positive development results they have generated. The panelists will then address some of the challenges they face and discuss possible institutional and regulatory changes that need to be instituted to render their work more effective and help achieve sustainable development.

Panelists include:

Moderator: Professor Gordon Bodnar, Morris W. Offit Professor of International Finance,

SAIS and Wharton

Joaquin Avila, Managing Director, Lehman Brothers

Marianne Benet, Manager, FINCA

Shahid Javed Burki, CEO of Emerging Markets Partnership Financial Advisors

Chris Fiore, Senior Vice President, Small Enterprise Assistance Fund

Denise Leonard, Head of Privatization at the IFC

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Financial Sponsors - Back with a Bang
Although the amount of capital raised by financial sponsors in 2002 was down dramatically from the lofty heights that were reached in 2000, private equity firms continued to be among the most active players in the acquisitions market and were among the most important clients for investment banks. In 2003, this remains true. Sponsors' deal flow is strong, they are putting their capital to work, and several debut funds are being launched, however, exit opportunities are proving elusive and competition for deals is intense.

This panel will explore the opportunities and challenges faced by financial sponsors and those firms serving them. Particular attention will be paid to current trends in the private equity industry, including the increase in middle-market funds, the sale of companies between financial sponsors, the increase in auctions, and rising purchase multiples.

Panelists include:

Moderator: Professor Andrew Metrick, Associate Professor of Finance,

The Wharton School, University of Pennsylvania

Simon Canning, Managing Director, UBS Investment Bank

Harry Crosby, Managing Director, Merrill Lynch

David A. Durkin, Principal, Credit Suisse First Boston Private Equity

Kevin O'Brien, Principal, J.P. Morgan Partners, LLC

Aron Schwartz, Vice President, Fenway Partners

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Alternative Assets - Finding Value
Members of the Alternative Assets panel will discuss the importance of alternative funds in the overall asset management industry, focusing on recent growth trends, and legal and performance changes that might position alternative funds as a core asset in the larger investment portfolio.

Traditionally, alternative funds have been investment vehicles for exclusive groups of investors such as high-net worth individuals and institutions. There was little visibility and disclosure of the inner workings of the hedge fund industry to the outside investment world. However, given the recent growth in institutional capital flowing into hedge funds, as well as the need for investors to seek alternatives to investing in a weak equity market, hedge funds have received much attention from the media.

This panel aims to shed light on the current and future state of hedge fund industry as well as the impact this industry will have on stock and bond markets.

Panelists include:

Moderator: Dr. David K. Musto, Associate Professor of Finance,

The Wharton School, University of Pennsylvania

Al Bhatt, Director of Alternative Investments, SEI Investments, Inc.

John J. Mullin, Ph.D., Founder and Managing Partner, Global Guardian Group LLC

Bryan Shapiro, Managing Director, Bear, Stearns & Co. Inc.

Dr. Kenneth Shubin Stein, MD, CFA, Chief Investment Officer, Spencer Capital

Management

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Alternative Careers In Finance - Paths Less Traveled
Finance has a pervasive influence on business and, as a consequence, well-honed financial skills can lead to many different career paths. Furthermore, the so-called 'finance industry' has fissioned into numerous specialist sub-sectors, each offering unique experiences and demanding different combinations of capabilities.

The Alternative Careers in Finance panel explores and celebrates the many opportunities that those with an interest in finance can pursue. Illustrating the diversity of places finance can lead, panelists have been drawn from a wide variety of industries. These accomplished individuals will share their perspectives on career strategies and discuss how their financial skills have facilitated their success.

Panelists include:

Moderator: Peter Degnan, Director of MBA Career Management,

The Wharton School, University of Pennsylvania

Omar S. Amanat, Founder, TRADESCAPE Corp.

Janet Hanson, Founder and CEO, Milestone Capital Management

Neil Harper, Principal, McKinsey & Co. Corporate Finance and Strategy Practice

Adam Zoia, Founder and Managing Partner, Glocap

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Investment Banking - Stimulating Success
The Investment Banking panel is composed of senior investment bankers covering a variety of industries. These experienced professionals will discuss the current conditions in the industry and share their perspectives on its future outlook. Particular attention will be focused on the role that investment bankers play in creating and executing financial and corporate development strategies that foster success for their clients and on how recent developments in the economy and the business world have shaped their role.

Panelists include:

Moderator: Daniel B. More, Managing Director and Head of Utilities M&A, Morgan Stanley

Thomas E. Flanagan, Managing Director, Financial Sponsors Group, Lehman Brothers

Mark Piegza Managing Director and Head of Satellite Investment Banking, Banc of America

Securities

Jane Sadowsky, Managing Director and Co-Head of Power Group, Citigroup

Paul A. Stefanick, Managing Director and Head of Industrials M&A, Merrill Lynch

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