Wednesday, February 7 11:00 AM - 12:00 Noon Standard & Poor's Discussion "Credit Trends and Challenges Facing the Media Industry" Craig Parmelee, Managing Director, Leisure & Media, Standard & Poor’s Heather Goodchild, Managing Director, Media & Entertainment, Standard & Poor’s Richard Siderman, Managing Director, Telecom & Cable, Standard & Poor’s Andy Liu, Director, Media & Entertainment, Standard & Poor’s Don Wong, Director, Leisure & Media, Standard & Poor’s Heather M. Goodchild is a managing director in Corporate and Government Services (CGS), and Team Leader of the Media and Entertainment group. Heather has published extensive industry reviews on the film and broadcasting industries, and has also appeared in interviews on CNN, CNBC, Canadian Broadcasting Corp. and British Independent Television. She also serves as a Global Industry Focus Team Leader for Media, Entertainment & Leisure analysts in Standard & Poor’s international offices. Heather has participated broadly in new product efforts in CGS, and serves on a variety of talent development, efficiency, and organizational effectiveness task forces, the efforts of which extend to Standard & Poor’s India-based affiliate, Crisil Ltd. Apart from her work in CGS, Heather has been involved with Standard & Poor’s Structured Finance Ratings group in developing and publishing criteria for structured film financings and in the rating process on entertainment-related securitizations. Prior to joining Standard & Poor’s in 1984, Heather followed media and leisure companies as an analyst at Citibank, and was a lending officer at National Westminster Bank USA. Heather holds an M.B.A. in Finance from the New York University Leonard N. Stern School of Business and a B.A. in Economics from Mount Holyoke College. In addition to her professional pursuits, Heather has volunteered on short-term, home-construction missions with Habitat for Humanity in Thailand, Guatemala, Brazil, and on Pine Ridge Reservation, South Dakota; assisted in medical relief with Medical Ministry International in Honduras and Ecuador; and in 2006 taught an English language immersion program for India Vision Foundation, outside Delhi, India. She also volunteers with the American Red Cross in Disaster Relief, in Public Affairs, and in liaison with the NYC Office of Emergency Management. Heather is a member of Board of Trustees of the American Red Cross in Greater New York. Richard Siderman, Managing Director, Corporate & Government Ratings, Standard & Poor’s: Richard Siderman is a managing director in Corporate and Government Ratings and heads the NewYork-based, US telecommunications and cable television sectors, which encompasses about 100 rated entities with an aggregate of well in excess of $200 billion of rated debt. The telecommunications sector includes the RBOCs (Regional Bell Operating Companies), the independent wireline companies, the national and regional wireless carriers, wireless tower companies and satellite operators. Rated cable television operators include Comcast Communications and Cablevision. Mr. Siderman is responsible for include development of industry specific rating criteria and oversight of consistent application of rating criteria for telecom and cable television. He also co-heads the Telecommunications Global Focus Team that is charged with achieving globally consistent application of telecom and cable rating criteria and methodology. Mr. Siderman joined Standard & Poor’s in 1987, concentrating on the cable television, entertainment and casino industries before heading up the telecom area. Prior to Standard & Poor’s, he held financial management positions in the cable television industry. Mr. Siderman holds a B.A. in biological sciences and an M.B.A. in finance from Rutgers University. Andy Liu is an associate director in Corporate and Government Ratings Services. He is responsible for ratings of fitness clubs, interactive commerce companies, ski resorts, and miscellaneous business service providers in the Media and Entertainment group. Prior to joining Standard & Poor’s in 2002, Andy was a consultant with Ernst & Young LLP’s economic consulting practice and was a merger and acquisition analyst with Securities Data Company. Andy holds a M.B.A. in finance and strategy from the School of Management at Yale University and a B.S. in economics and cellular molecular biology from the University of Michigan in Ann Arbor. Craig Parmelee is a managing director in Standard & Poor’s Corporate and Government Services division. Craig joined Standard and Poor’s as an analyst in 1998. He began managing a team that follows leisure and media companies, including those that operate in the gaming and lodging sectors in 2002. As a team leader, he is responsible for managing several analysts, and maintaining the quality of ratings in these sectors. Prior to joining Standard & Poor’s, Craig spent just under ten years in the commercial banking industry, most recently lending to middle market companies as a vice president with State Street Bank & Trust Company. Craig holds a B.A. in Finance from Fairfield University and has earned the right to use the Chartered Financial Analyst (CFA) designation. Donald Wong, CFA, Director, Ratings Services, Leisure & Media, Standard & Poor’s: Don Wong is a director in Standard & Poor’s Corporate Ratings group, where he has covered media, entertainment and leisure companies for the past 11 years. He joined Standard & Poor’s in 1979 and has followed a number of other industries over the years, including natural gas utilities, telecommunications, technology, and consumer products. Don holds a B.S. in Hotel Administration from Cornell University and is a Chartered Financial Analyst.