Principal Investment Conference

OPENING KEYNOTE INTRODUCTION

Professor George Parker
Dean Witter Distinguished Professor of Finance, Emeritus
Stanford Graduate School of Business
www.gsb.stanford.edu

George Parker’s teaching and research interests are primarily in the field of corporate finance, management of financial institutions, and corporate governance. He is the author of numerous case studies related to these subjects which are used in the MBA Program at Stanford and other schools. He has also authored several articles on capital structure, risk management, and corporate valuation.

Professor Parker is the Dean Witter Distinguished Professor of Finance (Emeritus) at the Stanford Graduate School of Business. He teaches courses in Corporate Finance in the MBA Program, Stanford Sloan Program for Executives, and in various other Executive Education Programs at the School. He is also Director of the Financial Management Program and the Finance and Accounting for Non-financial Executives Program. Prior to joining the faculty at Stanford in 1973, Professor Parker was an Assistant and Associate Professor of Finance at Columbia University in New York City.

Professor Parker was the recipient of the 2000 Robert T. Davis Award for Faculty Lifetime Achievement at the Stanford Graduate School of Business and the 2006 Distinguished Teaching Award in the Stanford MBA Program. In addition, Professor Parker serves on four boards of directors of listed, publicly traded companies, one mutual fund company, one privately held company, and one nonprofit organization. In addition he has served from 2003 to the present as the Faculty Chairman of the Advisory Panel on Investment Responsibility for the Board of Trustees of Stanford University. Between 1977-1989, Professor Parker served as a Trustee of Haverford College, his undergraduate alma mater. Professor Parker holds an MBA and PhD degree from the Stanford Business School from the classes of 1962 and 1967, respectively. Between 1962-64, he was a member of the United States Peace Corps in Peru.

OPENING KEYNOTE SPEAKER

Thomas Barrack
Founder, Chairman, CEO
Colony Capital
www.colonyinc.com

Thomas J. Barrack, Jr. is Founder, Chairman, and Chief Executive Officer of Colony Capital, LLC, a private equity real estate company headquartered in Los Angeles, California.

As Chairman, Mr. Barrack has invested approximately $38 billion in assets around the globe and has produced IRR's in excess of 20 percent for over 17 years. Today, Mr. Barrack oversees a global organization located in 14 cities and 11 countries. Through its subsidiaries and controlled companies, Colony monitors in excess of 30,000 employees worldwide. Prior to the formation of Colony, Mr. Barrack was a principal with the Robert M. Bass Group, the principal investment vehicle of the Fort Worth, Texas investor Robert M. Bass. Mr. Barrack also served in the Reagan administration as Deputy Undersecretary of the Department of the Interior.

Mr. Barrack received a B.A. in 1969 from the University of Southern California. He attended Law School at the University of San Diego and the University of Southern California, where he was an editor of the Law Review and received a J.D. from the University of San Diego in 1972.

Through his vast global experiences and relationships, Mr. Barrack has been able to couple Western fiduciary practices with historically vibrant cultures to facilitate strong business relationships in geographically diverse regions of the world.

Today, Colony is one of the largest and most successful private equity real estate firms in the world.

SPOTLIGHT INTERVIEWER

Dean Robert Joss
Philip H. Knight Professor and Dean
Stanford Graduate School of Business
www.gsb.stanford.edu

A leader in global banking, a former U.S. Treasury Department official, and a Stanford Graduate School of Business PhD, Robert Joss became the eighth dean of the Business School in 1999. He is the School’s first dean from industry in 17 years.

Joss has observed that ideas, capital, and technology move freely across borders around the world, but that there is a significant lack of management skill. As dean he draws on both his academic and business experience to address this issue through education. He has a strong belief in experiential learning, leadership development, and academic research that constantly tests the boundaries of what we know about organizational behavior, finance, and other subjects essential to good management.

Prior to joining the Business School as dean, Joss was chief executive officer and managing director of Australia’s Westpac Banking Corporation, one of Australia’s largest banks, a post he held for six years. At Westpac, he was credited with refocusing the bank strategically, modernizing and streamlining operations, and restructuring the bank’s culture to emphasize teamwork, customer focus, open communication, and community support. Bank shareholders also benefited substantially during and after his tenure.

Before going to Australia, Joss held a variety of posts at San Francisco-based Wells Fargo Bank between 1971 and 1993, eventually rising to the position of vice chairman. Prior to Wells Fargo, Joss worked in Washington, D.C., first as a White House Fellow and then for the Treasury Department as deputy to the assistant secretary for economic policy.

He is a director of Wells Fargo & Co., two Australian listed property trusts, Agilent Technologies Inc., and Makena Capital.

Joss was a Sloan Fellow (in what is now called the Stanford Sloan Master’s Program) at Stanford Business School in 1965-66; he earned an MBA at the School in 1967 and a PhD in 1970. Besides his graduate degrees from Stanford, Joss holds a BA in economics, magna cum laude, from the University of Washington.

FIRST SPOTLIGHT SPEAKER

Tim Sullivan
Managing Director, Co-Founder
Madison Dearborn Partners, LLC
www.mdcp.com

Timothy P. Sullivan is a Managing Director of Madison Dearborn Partners, LLC. Prior to co-founding Madison Dearborn Partners, Mr. Sullivan was with First Chicago Venture Capital for three years after having served in the U.S. Navy. Mr. Sullivan concentrates on investments in the healthcare sector and currently also serves on the Boards of Directors of Sirona Dental Systems, Inc. and Valitas Health Services, Inc. In addition, he is on the Board of Trustee's of Northwestern University; Stanford Business School Trust; Cristo Rey Jesuit High School; and Northlight Theatre, and the Archdiocese of Chicago. He holds a bachelor of science degree from the United States Naval Academy, a master of science degree from the University of Southern California, and a master of business administration degree from the Stanford University Graduate School of Business.

SECOND SPOTLIGHT SPEAKER

Dipanjan Deb
Managing Partner
Francisco Partners
www.franciscopartners.com

Mr. Deb is a Managing Partner of Francisco Partners and has been a Partner since its formation in August 1999. Prior to founding Francisco Partners, Mr. Deb was a principal with Texas Pacific Group. Earlier in his career, Mr. Deb was director of semiconductor banking at Robertson Stephens & Company and a management consultant at McKinsey & Company. Mr. Deb serves on the board of directors of AMI (AMIS), CBA Group, MagnaChip, Metrologic Instruments, Inc., SMART Modular (SMOD) and was previously on the board of Conexant (CNXT), Globespan, Legerity, NPTest/Credence (CMOS), ON Semiconductor (ONNN), Ultra Clean Technology (UCTT). Mr. Deb holds a B.S. degree in Electrical Engineering and Computer Science from U.C. Berkeley, where he was a Regents Scholar; and a M.B.A. degree from the Stanford Graduate School of Business.

CLOSING KEYNOTE INTERVIEWER

John Powers
President, CEO
Stanford Management Company
www.stanfordmanage.org

In June of 2006, John F. Powers became President and CEO of the Stanford Management Company. SMC was established in 1991 to manage Stanford’s financial and real estate assets. SMC is a division of Stanford University with oversight by a Board of Directors appointed by the University Board of Trustees. SMC oversees approximately $18.0 billion of endowment and trust assets, temporarily invested expendable funds, and commercial real estate investments.

From 2002 until 2006 Mr. Powers worked at Offit Hall Capital Management LLC as Managing Director and the Director of Research, and was a member of the firm’s Investment and Management Committees. Offit Hall was an investment advisory firm with offices in San Francisco and New York. Offit Hall had more than $20 billion under advisement for approximately 130 clients as of March 31, 2006.

From 1992 to 2002 Mr. Powers worked at Robertson Stephens, Inc. He was Managing Director and Director of Research and served on the Management and Executive Committees. He joined Robertson Stephens as an equity analyst in the Communications area.

Mr. Powers began his career in marketing research and opinion polling at Cambridge Survey Research. He was vice president at Yankelovich, Skelly and White, a marketing consultancy firm from 1977 to 1981. Following business school Mr. Powers worked in the telecommunications equipment industry at ROLM Corporation (1983-1987) Octel Communications Corporation (1987-1990), and Aspect Telecommunications (1990-1992).

Mr. Powers received an A.B. from Cornell University in 1975, and an MBA in 1983 from the Graduate School of Business at Stanford University. He serves on the Boards of the Town School for Boys, Makena Capital Management, LLC, The Investment Fund for Foundations Advisory Services (TAS), and the San Francisco Ballet.

CLOSING KEYNOTE SPEAKER

William Ackman
Managing Partner
Pershing Square Capital Management LP

Bill Ackman is the managing member and portfolio manager of Pershing Square Capital Management, L.P., a concentrated research-intensive fundamental value investor in long and occasionally short investments in the public markets with assets under management of approximately $6 billion. Pershing Square has played an active role in creating value at companies including Wendy’s International, McDonald’s, Ceridian Corporation, and Sears Canada.

Prior to forming Pershing Square, Mr. Ackman co-founded Gotham Partners, L.P., a public and private equity investment partnership. Prior to Gotham Partners, Mr. Ackman began his career in real estate investment banking at Ackman Brothers & Singer, Inc. Mr. Ackman received a Bachelor of Arts degree from Harvard College magna cum laude and an MBA from the Harvard Business School.