Monday, September 27 2:15 PM – 3:30 PM Track IV: Raising Money – Public and Private. Valuation in Private Placement, IPOs and M and A Santo Politi, Partner, Charles River Ventures Frank Kline, Managing Partner and Founder, Kline Hawkes & Co. Ralph Terkowitz, Special Partner, ABS Capital Partners Paul Vais, Partner, Apax Partners Mark Stevens, Partner, Fenwick & West David O. Higley, Managing Director & Head of Digital Media Technologies, UBS Investment Bank, Moderator Frank Kline, Managing Partner and Founder, Kline Hawkes & Co. With a 20-year successful track record in venture capital, including experience as a Wall Street research analyst covering the computer and communications industries, Mr. Kline directs the company's investments in mid and expansion-stage venture opportunities in communications, information technology and enterprise solutions. Since its inception in 1994, Kline Hawkes & Co. has invested in more than 30 companies and managed approximately $300 million via three funds: Kline Hawkes California, L.P.; Kline Hawkes California SBIC, L.P. and its most recent fund, Kline Hawkes Pacific, L.P. Prior to forming Kline Hawkes & Co., Mr. Kline was the West Coast General Manager of Lambda Funds, a private equity fund based in New York and Los Angeles. Earlier, he was a Partner at Pacific Technology Venture Fund, which he co-founded with Patrick J. McGovern, founder of IDG and publisher of Computerworld. Mr. Kline has directed investments in a number of highly successful companies, including MagneTek (NYSE: MAG); Merisel Inc. (NASDAQ: MSEL) (formerly Softsel); SuperShuttle; Laserscope; Inc. (NASDAQ: LSCP); Ensoniq/Creative Technology, Ltd. (NASDAQ:CREAF); International Microelectronic Products (NASDAQ: IMPX); Transoft Networks, Inc., acquired by Hewlett-Packard (NYSE: HWP); CampusLink Communications, acquired by PaeTec Communications, Inc., and AboveNet Communications, Inc. (NASDAQ: ABOV) which was acquired by Metromedia Fiber Network (NASDAQ: MFNX). Santo Politi, partner at Charles River Ventures, focuses on investments in the data communications sector. He is currently a director of Big Band Networks, and Broadbus Technologies. Prior to joining Charles River, Santo served as President of New Media at Blockbuster Entertainment Inc., where he was responsible for establishing a new operating division focused on extending the company beyond its brick and mortar retail stores into digital broadcast and video on demand. Before his work at Blockbuster, Santo co-founded Bankers Trust Venture Partners, an early-stage venture capital firm, where he focused on investments in the Internet, information technology and financial services industries. Some of his successful investments at Bankers Trust include Aether Systems, Inc. (NADAQ: AETH), Novatel Wireless, Inc. (NASDAQ: NVTL) and DigitalThink (NASDAQ: DTHK). He has held various engineering and management positions with the Video Systems Division of Matsushita Electric Industrial in Osaka, Japan, Panasonic Broadcast and Television Systems Company and Weston Instruments, Schlumberger Industries. Santo earned his MBA in Finance from The Wharton School at the University of Pennsylvania. He holds an MS in Electrical Engineering and BS degrees in Physics and Electrical Engineering. In addition to his academic accolades, Santo is fluent in Japanese, conversational in Spanish and French and is a native Turkish speaker. He is also the recipient of the EMMY Excellence in Technology Award. Ralph Terkowitz joined ABS Capital Partners in January 2004 as a special partner who focuses on companies within the media & communication and technology sectors. His role includes identifying investment opportunities in the media and communications space while leveraging his operational experience to help execute growth strategies across the ABS portfolio. Previously serving as CIO/CTO of the Washington Post Company, Terkowitz brings more than 20 years of operating, financial and technical experience to ABS. During his tenure at The Washington Post Company, Terkowitz worked with the Post's six major divisions on all technology and development operations. He also led negotiation of the major vendor outsourcing agreements with AT&T and IBM, among others, while leading the effort to implement strategic sourcing and improving operating processes within the company. Since 1996, Terkowitz has had primary responsibility for The Washington Post's venture investment portfolio. Under his direction, performance exceeded that of other corporate venture investors who manage for both strategic value and investment returns. Also while at The Washington Post, Terkowitz served as founder and CEO of its electronic publishing subsidiary, WashingtonPost.Newsweek Interactive (formerly DigitalInk). Under his leadership, the subsidiary became known for its innovation and led the industry in developing new revenue models for electronic media. One of the products created by Terkowitz, washingtonpost.com, continues to be among the most visited news and information sties on the Internet. Terkowitz graduated from Cornell University with an AB Cum Laude in Chemistry and distinction in all subjects. He holds a Master's degree in Chemical Physics from the University of California, Berkeley. Jeffrey D. Goldstein, Vice President, Mergers & Acquisitions/ Strategic Planning, InterActiveCorp, Vice President, Head of Corporate Strategy & Development, Ticketmaster; Responsible for leading all efforts in mergers and acquisitions, strategic investments and strategic planning across operating businesses including Ticketmaster (the world’s leading ticketing and reserved access company with annual ticket sales of 100 million and revenues of $700 million), Match.com (the leading subscription-based online dating site with 800,000 subscribers and $275 million in revenues), Entertainment Publications (the leading marketer of local discount programs, with over 8 million subscribers and $230 million in revenues), and Citysearch (a leading online local search provider). 1998 – 2000 - Lehman Brothersm, Associate, Investment Banking Division, West Coast Financial Sponsors Coverage Group; Provided strategic advisory and capital raising services including leveraged financing, buy-side mergers & acquisitions transaction development, transaction and financing structuring, and sales/divestiture advisory services to private equity investment funds. 1994-1997, Gibson Dunn & Crutcher, Los Angeles, CA, Associate, Corporate Transactions Group, Counsel for corporations, investment banks, and private equity funds in connection with venture capital transactions, mergers & acquisitions, and debt & equity financing. 1993-1994, Pillsbury Madison & Sutro, Los Angeles, CA, Associate; Provided business litigation and general corporate legal services; Insead (European Institute of Business Administration); Master of Business Administration, December 1998; Columbia University School of Law, Juris Doctor, May 1993; Harlan Fiske Stone Scholar, Columbia Business Law Review; University of California at Berkeley. Bachelor of Arts, Economics, May 1990. Phi Beta Kappa, Chancellor’s Scholar Paul Vais, Partner, Apax Partners: Paul Vais joined the Menlo Park office in 1997. He coordinates the firm’s activities for information technology and telecommunications investments in the US and co-chairs the US Operating Committee. His personal investment focus is on the information technology sector, comprised of software, semiconductor, and infrastructure-related investments. Previously, he was a vice president with Enterprise Partners Venture Capital, leading investments in early-stage ventures. He began his career in software and systems engineering roles later assuming sales, marketing and general management responsibilities. He was a manager of systems engineering with Apollo Computer, a pioneer in the engineering workstation market, and later with NeXT Computer, Inc., where his responsibilities included systems engineering, European operations, and worldwide marketing. He has consulted in the US and abroad for IBM, Olivetti, and numerous early-stage companies, providing expertise in strategic marketing and technology development. He serves on the Boards of Directors of portfolio companies Axeda, Bluearc, Jamdat Mobile, and Oblix. He is a board member of the Entrepreneurs Foundation, an organization that works with emerging companies to facilitate and enable the development and implementation of community benefit programs. Paul received a BA degree in Computer Science from the University of California at Berkeley. Mark Stevens, Partner, Fenwick & West: Mr. Stevens represents companies (ranging from newly formed startup teams to mature public companies), venture capitalists and investment banks involved in the information technology industries, with particular focus on complex transactions. As a lawyer and a business principal, Mr. Stevens has lead teams handling merger, acquisition and divestiture transactions with total announced value in excess of $20 billion. He has directed over 25 initial public offerings of technology companies and hundreds of strategic alliance transactions, ranging from technology and distribution partnerships to multinational joint venture transactions. The following are among the clients Mr. Stevens has represented: Electronic Arts Inc., Excite@Home, Inc., Kleiner Perkins Caufield & Byers, Morgan Stanley, O'Reilly Associates: Education - Northestern University School of Law, J.D. cum laude, Order of the Coif; Santa Clara University, B.S. in mathematics magna cum laude. David O. Higley, Managing Director & Head of Digital Media Technologies, UBS Investment Bank: David joined UBS from Prudential Volpe Technology Group where he was head of the Interactive Media and eBusiness Groups. During his career, Dave has raised over $6 billion for his clients and advised on over $2.5 billion in M&A and restructuring transactions. Prior to investment banking, Dave was a securities attorney at Thelen Reid & Priest, a national law firm based in San Francisco. During his time at Thelen, Dave was involved in numerous equity and debt offerings and M&A transactions for emerging growth companies. Dave has a bachelors degree in Business Administration from the University of Southern California (where he was part of the Business Scholars Program) and a Law Degree from the University of Virginia.