Tuesday, October 2 9:00 AM - 10:15 AM Session B: Financing Globally - Part I - Venture Capital and Investments in the Entertainment/Technology Markets - The financial communities have played a decisive role in the global expansion of the entertainment industry, both through the financing of entertainment product as well as the technological infrastructure which facilities the industry’s expansion. In this session, we bring together banking, legal, venture capital and entertainment investment institutions to give us a brief understanding of the current state in global entertainment finance. While the VC and investment communities as a whole have taken a second look at their technology plays, how is the technology retrenchment affecting their role in entertainment expansion. How does it affect international co-production and expansion into new markets? What will the coming year look like in entertainment investment? Roy A. Salter, Managing Director, Houlihan Lokey Howard & Zukin David L. Ficksman, Partner & Co-Chair iLaw Group, Loeb & Loeb LLP Dyan G. Triffo, Managing Director, Deutsche Banc Alex. Brown Dan McIntosh, Partner, Morrison & Foerster LLP Clifford H. Friedman, Senior Managing Director, Bear Stearns Lior E. Yahalomi, Managing Partner, @Ventures Mark Litwak, Esq., Moderator Roy A. Salter, Managing Director of Houlihan Lokey: Mr. Salter, a Principal and Managing Director of Houlihan Lokey, founded and manages Houlihan Lokey’s Entertainment, Media and Communications Services Group. Mr. Salter, who is directly involved in the analysis, valuation and transactional activities of clients involved in these industries, led the development of the methodologies and systems which Houlihan Lokey uses to evaluate communications, entertainment, and media assets and businesses. Mr. Salter provides expert witness testimony in matters relating to these industries and has spoken on a variety of media and entertainment valuation and corporate finance subjects. Additionally, during Spring 1996, Mr. Salter taught a course in the MBA Program of the Anderson School of Business at UCLA on the subject of "The Economics and Valuation of Media, Entertainment and Communications Properties." During the Spring of 1998, Mr. Salter taught a course on the "Evaluation and Development of Entertainment, Media and Communications Business Plans" in the Anderson School. In the summers of 1997 and 1998, Mr. Salter taught courses on "Evaluating Entertainment Properties" in the European Media Business School in Spain. In addition, Mr. Salter has authored a text on the subject of valuing media and entertainment industry investments published by Warren Publications. Prior to joining Houlihan Lokey, Mr. Salter was Vice President of Wells Fargo Capital Markets, Inc. where he provided mezzanine financing and exclusive sale services to selected bank clientele. Previous to Wells Fargo Capital Markets, Inc., Mr. Salter was a Vice President for the Entertainment Industries Group of Wells Fargo Bank. Mr. Salter attended California State University at Northridge where he earned a B.S. in Business Administration, with an emphasis in Business Economics and Investment Management, and Loyola Marymount University where he earned an M.B.A. David L. Ficksman is a partner in the Century City office, and Co-Chair of the iLaw Group. Mr. Ficksman received his A.B. in Political Science from Tufts University, where he graduated cum laude. He obtained his J.D. and his LL.M. from New York University School of Law. Mr. Ficksman's practice includes initial public offerings, mergers and acquisitions, domestic and international corporate finance and public company representation (offerings and compliance). He represents a number of clients who are based outside the United States in connection with their activities in this country. Mr. Ficksman represents clients in many industries, ranging from telecommunications, the Internet, publishing, environmental, financial services (including underwriters and placement agents), manufacturing and entertainment. Mr. Ficksman is a member of the State Bar of California and the New York State Bar. Dr. Lior E. Yahalomi: Mr. Yahalomi is currently Managing Partner for @Ventures. He leads a team of proven technology investors investing in a blend of deep technology and internet infrastructure. The areas of focus are infrastructure & application software, networking, communications & hardware and enabling technologies. @Ventures has made 11 new emerging technology investments since Mr. Yahalomi joined in January of 2000, including Vaultus, CommerceRoute, 2Roam, Dejima and DiamondBack Vision. Mr. Yahalomi joined @Ventures from his previous position as Vice President for New Ventures at Gateway, where he led a team responsible for Gateway's diversification into Internet, Internet access, and e-commerce businesses. He was at the forefront of Gateway's drive to move beyond its traditional hardware toward more "non-system" revenue and into the center of e-commerce. Prior to joining Gateway, Mr. Yahalomi was a Senior Vice President for Global Business Development at GE Capital where he led a global team responsible for mergers and acquisitions, new ventures, and global expansion in one the company subsidiaries. He also has several years of experience as a strategy consultant at Monitor Company in Cambridge, MA, where he developed and implemented strategies for high technology and consumer-related businesses. In addition, Lior served as a Commander in the Paratrooper division of the Israeli Defense Forces. Lior received his Bachelor of Science degree in engineering from the Technion, Israeli Institute of Technology, and his Ph.D. in Management from the Wharton Business School. Clifford H. Friedman, a Bear Stearns Senior Managing Director, is responsible for Partnership investment activities. He also serves as Chair of the Partnerships' Advisory Board. Mr. Friedman brings eighteen years of venture capital, investment, financial, technical and media expertise to the Partnerships. From January 1996 through August 1997, Mr. Friedman served as a Senior Vice President of Universal Studios where he was responsible for the creation and development of the Studio's New Media Group. Mr. Friedman's responsibilities at Universal Studios included working with all of Universal's divisions to develop, execute and create investments, acquisitions, strategic alliances, multimedia applications, international expansion and other new business opportunities. From February 1995 through January 1996, Mr. Friedman served as Vice President of Strategic Development at NBC, where his responsibilities involved leveraging existing franchises to create new business opportunities. While at NBC, he helped to form the joint venture between NBC and Microsoft (MSNBC) and formulated NBC's Latin American strategy. From 1990 through January 1995, Mr. Friedman was a Senior Managing Director in the Media and Technology Group at Bear Stearns. During this period he was ranked an "All American Analyst" by the Institutional Investor Magazine poll of Wall Street institutional clients. While at Bear Stearns, he published "New Age Media - The Merging of Media, Communications, Computing and Consumer Electronics" in 1993 and a follow-on publication, "New Age Media II," in 1994. During this period, Mr. Friedman also led Bear Stearns' efforts to raise $225,000,000 to launch the New Age Media Fund, Inc. and helped advise several major media and technology companies. In 1993, Mr. Friedman formed Cold Spring Ventures, a self-funded venture capital and consulting company. From 1985 through 1990, Mr. Friedman was a Senior Securities Analyst in the High Technology Group at Cyrus J. Lawrence Inc. From 1981 through 1985 he was a Senior Engineer at Hazeltine Corporation's Wheeler Research Laboratory where he was involved in the analysis, design, fabrication and testing of advanced communications systems, designed simulation software and developed new business areas. Mr. Friedman has served, or currently serves, as a director of and/or advisor to the following companies: Interplay Productions (entertainment software); Interactive Light Holdings (interactive sports simulation); ETOM Inc. (optical memory); and TV Azteca (Mexico's second largest broadcast network). Mr. Friedman earned a Bachelor of Science in Electrical Engineering and Computer Science from Polytechnic Institute of New York, a Masters of Science in Electrophysics from Polytechnic Institute of New York and a Masters of Business Administration in Finance and Investments from Adelphi University. He has been awarded two patents in the field of communications and has been published in various international technical and financial journals. He is a member of the Institute of Electronic and Electrical Engineers. Mark Litwak is a veteran entertainment attorney based in Beverly Hills, California. His practice includes work in the areas of copyright, trademark, contract, multimedia law, intellectual property, and book publishing. Litwak also functions as a Producer's Rep, assisting filmmakers in the financing, marketing and distribution of their films. Litwak is the author of five books: Reel Power: The Struggle for Influence and Success in the New Hollywood, Courtroom Crusad-ers, Dealmaking in the Film & Television Industry (winner of the 1996 Krazna-Kranz award for best book in the world on the film business), Contracts for the Film & Television Industry, and Litwak's Multimedia Producer's Handbook. He has contributed articles to The Los Angeles Times, The Business of Film, The Hollywood Reporter, Moviemaker and The Independent. He is a contributing editor of the Entertainment Law & Finance newsletter, and is the author of the popular CD-ROM program Movie Magic Contracts. Litwak has been a lawyer for 24 years. He has taught entertainment and copyright law at U.C.L.A., Loyola Law School and U.W.L.A., and has lectured for the American, California and Texas bar associations. A frequent speaker, he has presented seminars across the United States and in England, Australia, South Africa and Canada, including presentations for the American Film Institute, Columbia University, N.Y.U, U.S.C, the University of British Columbia and the Royal College of Art in London. Litwak wrote, co-produced and directed the feature length award-winning documentary "Ralph Nader: Up Close," which was broadcast on numerous PBS stations. He has packaged various movie projects and served as executive producer on such recently completed films as "The Proposal" (Miramax release in 2001) and "Out Of Line" (starring Jennifer Beals). In the Multimedia arena, Litwak is the author of "Potholes on the Information Superhighway," published in New Matter, the magazine of the Intellectual Property Section of the California Bar. He is also the author of a White Paper on licensing content published by the Interactive Multimedia Association. Litwak has co-chaired U.C.L.A. symposiums on "Multimedia Marketing & Distribution," and "Legal Issues for Multimedia Entrepreneurs." He has taught a course on "Law & Business for Multimedia Entrepreneurs" at the New School for Social Research in New York, and he has lectured on multimedia topics at Digital Hollywood, the Century City Bar Association and the Author’s Guild. Litwak has been interviewed on more than 100 television and radio shows including ABC, "The Larry King Show," National Public Radio's "All Things Considered," and CNN Network. Feature articles have been written about him in California Law Business, Australian Lawyer and L.A. Weekly. He is the creator of the Magellan 4 Star site, Entertainment Legal Resources: www.marklitwak.com