• Like
  • Save
Q12009 Shaking Presentation Nym
Upcoming SlideShare
Loading in...5
×
 

Q12009 Shaking Presentation Nym

on

  • 1,375 views

 

Statistics

Views

Total Views
1,375
Views on SlideShare
1,327
Embed Views
48

Actions

Likes
1
Downloads
18
Comments
0

5 Embeds 48

http://www.mitef-nyc.org 17
http://nexweb.net 12
http://www.linkedin.com 12
http://www.slideshare.net 5
file:// 2

Accessibility

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    Q12009 Shaking Presentation Nym Q12009 Shaking Presentation Nym Presentation Transcript

    • Q1 Update April 2009 Shaking the MoneyTree™ PricewaterhouseCoopers/ National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters
    • PricewaterhouseCoopers / National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters By Name: David Silverman Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 2 based on data from Thomson Reuters
    • About The Report • PricewaterhouseCoopers and the National Venture Capital Association produce the MoneyTree Report™ based on data from Thomson Reuters • ‘Core’ measure of equity investments in venture-backed companies in the United States • Companies have received at least one round of financing involving a professional VC firm or equivalent • Captures: tranches, not term sheets, foreign VCs, qualified private placement • Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc. • MoneyTree™ Report in its 14th year • Results online at www.pwcmoneytree.com, www.nvca.org, www.venturexpert.com Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 3 based on data from Thomson Reuters
    • MoneyTree Total Investments: Q1 2001 – Q1 2009 ($ in billions) $14.0 $12.6 $12.0 $11.1 $10.0 Q1 $8.0 Q2 $8.2 $8.1 $7.9 $7.8 $7.7 $7.6 $7.5 $7.4 $7.3 $7.1 Q3 $6.7 $6.6 $6.0 $6.4 $6.4 $6.3 $6.2 $5.9 $5.9 $5.9 $5.8 $5.7 $5.6 Q4 $5.2 $5.1 $5.0 $4.9 $4.8 $4.0 $4.4 $4.4 $4.3 $3.0 $2.0 $0.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 # 2001 2002 2003 2004 2005 2006 2007 2008 2009 of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Deals 1283 1216 1004 980 839 852 691 721 702 741 717 786 715 851 692 840 732 826 792 814 875 963 909 949 869 1043 997 1058 997 1051 970 866 549 Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 4 based on data from Thomson Reuters
    • MoneyTree Total Investments: 1980 – 2009 Annual Venture Capital Investments ($ in billions) 1980 to 2009 $120 $102.6 $100 $80 $52.5 $60 $39.6 $30.8 $40 $28.2 $26.5 $23.0 $22.2 $21.5 $20.4 $19.5 $14.5 $11.0 $20 $7.7 $3.6 $4.0 $3.2 $3.3 $3.2 $3.4 $2.8 $2.9 $2.9 $3.0 $2.7 $2.7 $2.1 $1.6 $1.1 $0.6 $0 80 82 84 86 88 90 94 96 98 00 02 04 06 08 92 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 5 based on data from Thomson Reuters
    • Investments by Region: Q1 2009 ($ in millions) $1,159.7 Silicon Valley New England $375.7 NY Metro $322.7 # of % Change $ Region Deals from Q4 ’08 LA/Orange County $207.7 Silicon Valley 173 -42.74% Texas $156.1 New England 67 -51.18% Northwest $129.5 NY Metro 54 -4.19% LA/Orange County 39 -28.24% Midwest $121.6 Texas 24 -52.48% Southeast $113.4 Northwest 27 -0.26% San Diego $87.4 Midwest 41 -63.26% Colorado $76.9 Southeast 29 -62.38% San Diego 15 -57.19% Philadelphia Metro $61.1 Colorado 16 -52.70% North Central $60.5 Philadelphia Metro 13 -54.53% North Central 6 -35.51% DC/Metroplex $59.1 DC/Metroplex 20 -83.28% SouthWest $40.0 Southwest 9 -71.15% South Central $16.8 South Central 8 53.72% AK/HI/PR 2 544.82% AK/HI/PR $7.1 Sacramento/N.Cal 2 -82.65% Sacramento/N.Cal $7.0 Upstate NY 4 -79.43% Total 549 -46.91% Upstate NY $1.3 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Q1 2009 Total: $3,003.7 million in 549 deals Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 6 based on data from Thomson Reuters
    • Investments by Region – Quarterly Percent of Total U.S. Investments Top U.S. Regions Q1 ‘08– Q1 ‘09 (% of Total Dollars) 50% 40.09% 38.86% 38.61% 38.37% 35.80% 40% 30% 13.60% 20% 12.51% 11.92% 11.01% 10.79% 10.74% 8.03% 8.05% 7.71% 7.62% 6.92% 5.94% 5.83% 5.81% 5.12% 5.13% 5.14% 5.20% 10% 3.74% 3.75% 0% Silicon Valley New England NY Metro LA/Orange County Texas Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 7 based on data from Thomson Reuters
    • Investments by Industry: Q1 2009 ($ in millions) Software $614.2 Biotechnology $576.8 Medical Devices and Equipment $412.4 # of % Change $ Industrial/Energy $234.4 Industry Deals from Q4 ’08 Media and Entertainment $217.3 Software 138 -41.98% Biotechnology 81 -46.34% IT Services $206.7 Medical Devices and Equipment 52 -26.81% Semiconductors $172.6 Industrial/Energy 38 -74.95% Media and Entertainment 43 -44.56% Telecommunications $110.3 IT Services 42 -22.91% Financial Services $107.9 Semiconductors 23 -34.61% Telecommunications 27 -72.45% Networking and Equipment $83.2 Financial Services 17 25.58% Business Products and Services $58.6 Networking and Equipment 16 -46.72% Business Products and Services 17 42.15% Consumer Products and Services $56.6 Consumer Products and Services 11 -45.55% Healthcare Services $46.7 Healthcare Services 11 9.77% Computers and Peripherals 10 -32.86% Computers and Peripherals $35.2 Retailing/Distribution 9 0.08% Retailing/Distribution $28.2 Electronics/Instrumentation 8 -85.25% Other 6 78.19% Electronics/Instrumentation $26.7 TOTAL 549 -46.91% Other $15.8 $0 $900 $1,800 Q1 2009 Total: $3,003.7 million in 549 deals Visit www.pwcmoneytree.com for Industry definitions Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 8 based on data from Thomson Reuters
    • Investments by Industry – Quarterly Percent of Total U.S. Investments 29.89% (% of Total Dollars) Top 5 Industries – Q1 ‘08 to Q1 ‘09 28.07% 30% 26.71% 26.48% 26.30% 25.30% 25.01% 24.54% 24.47% 23.73% 23.47% 23.25% 25% 21.24% 20.77% 20.07% 19.49% 18.34% 17.69% 20% 14.00% 13.22% 15% 11.41% 10.57% 9.74% 8.72% 7.53% 10% 5% 0% Software Biotechnology Medical Devices and Industrial/Energy Media and Equipment Entertainment Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 9 based on data from Thomson Reuters
    • Investments by Industry: Q1 2009 – NY Metro ($ in millions) Software $104.5 Biotechnology $44.2 Medical Devices and Equipment $37.0 Media and Entertainment $39.2 IT Services $32.9 Semiconductors $16.0 Telecommunications $21.4 Networking and Equipment $1.0 Business Products and Services $11.4 Consumer Products and Services $11.1 Healthcare Services $1.7 Electronics/Instrumentation $0.6 Other $1.8 $0 $25 $50 $75 $100 $125 $150 Q1 2009 Total: $ $322,664,700 and 54 deals Visit www.pwcmoneytree.com for Industry definitions Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 10 based on data from Thomson Reuters
    • Investments by Industry – Quarterly Percent of Total NY Metro Investments (% of Total Dollars) Top 5 Industries – 2005 to Q1 ‘09 35% 32.40% 30% 22.70% 21.60% 25% 20.30% 18.50% 17.00% 20% 13.70% 12.20% 11.80% 11.60% 15% 10.90% 10.90% 10.20% 9.60% 9.20% 8.64% 7.80% 10% 5.14% 5.20% 5% 0% 0% Software Industrial/Energy Biotechnology IT Media and Entertainment 2006 2007 2008 Q1 2009 Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 11 based on data from Thomson Reuters
    • Investments by Stage of Development: Q1 2009 ($ in millions) Later Stage $1,331.9 Expansion $819.7 # of % Change in Stage of $ Amount Early Stage $682.8 Development Deals from Q4 2008 Later Stage 199 -35.15% Expansion Stage 146 -59.85% Early Stage 157 -45.93% Startup/Seed $169.2 Startup/Seed 47 -43.50% Total 549 -46.91% $0 $1,000 $2,000 $3,000 Q1 2009 Total: $3,003.7 million in 549 deals Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 12 based on data from Thomson Reuters
    • Investments by Stage of Development: Q1 2009- NY Metro ($ in millions) Later Stage $160.9 Expansion $72.4 # of % Change in Stage of $ Amount Early Stage $82.0 Development Deals from Q4 2008 Later Stage 22 26% Expansion Stage 8 -9.0% Early Stage 19 -33.0% Startup/Seed $7.3 Startup/Seed 5 27.0% Total 54 -4.0% $0 $50 $100 $150 $200 $250 $300 Q1 2009 Total: $322,664,700 and 54 deals Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 13 based on data from Thomson Reuters
    • Investments by Sequence of Financing: Q1 2009 ($ in millions) 5th and Beyond $1,076.8 First $596.0 % Change in # of Financing $ Amount from Deals Fourth $471.4 Q4 2008 5th and Beyond 155 -46.71% First 132 -47.51% Second $437.0 Fourth 69 -36.31% Second 105 -50.79% Third 88 -51.60% Third $422.5 Total 549 -46.91% $0 $500 $1,000 $1,500 $2,000 $2,500 Q1 2009 Total: $3,003.7 million in 549 deals Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 14 based on data from Thomson Reuters
    • First Sequence Financing – Number of Deals First Sequence Deals 1000 800 600 384 360 356 400 333 332 328 324 324 317 283 293 274 281 259 269 264 256 250 251 246 238 235 233 225 219 222 195 183 185 186 183 177 200 132 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 Q1 Q2 Q3 Q4 Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 15 based on data from Thomson Reuters
    • First Sequence Financing – Investment Amount First Sequence Investments ($ in billions) $10 $9 $8 $7 $6 $5 $4 $2.8 $3 $2.1 $2.0 $2.0 $1.8 $1.7 $1.7 $1.7 $1.7 $1.6 $1.5 $1.5 $1.5 $1.5 $1.4 $1.4 $1.4 $1.3 $1.3 $1.3 $1.3 $1.3 $2 $1.2 $1.2 $1.1 $1.1 $1.1 $1.0 $1.0 $1.0 $0.8 $0.8 $0.6 $1 $0 2001 2002 2003 2004 2005 2006 2007 2008 2009 Q1 Q2 Q3 Q4 Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 16 based on data from Thomson Reuters
    • First Sequence Financing – Percent of Total U.S. Investments 60% 55% 50% 45% 40% 34.5% 34.9% 34.5% 32.1% 32.7% 33.7%32.5% 35% 30.5% 32.1% 30.4% 30.7% 30.9% 30.4% 31.7% 29.4% 29.2% 28.4% 27.9% 27.9% 27.3% 34.5% 32.9% 30% 26.5% 25.8%25.2% 25.5% 25.0% 23.8% 21.9% 21.3% 24.0% 22.3% 21.9% 25% 26.8% 28.7% 25.6% 26.1% 25.1% 24.3%24.1% 23.8%23.0% 23.7% 20% 22.3% 21.8% 24.0% 22.3% 22.0% 19.2%20.5% 20.2% 20.5% 20.0% 20.8% 20.1%19.8% 15% 18.1%18.0% 10% 5% 0% Q3 2005 Q1 2002 Q2 2002 Q3 2002 Q4 2002 Q1 2003 Q2 2003 Q3 2003 Q4 2003 Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005 Q2 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 % of Total Dollars % of Total Deals Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 17 based on data from Thomson Reuters
    • First Sequence Deals in Startup & Early Stage Companies 4000 72.3% 74.6% 76.8% 75.0% 74.3% 80% 72.3% 70.9% 71.8% 70.6% 71.3% 69.7% 63.6% 67.0% 70% 63.3% 3000 60.6% 60% 50% 2,500 2000 40% 30% 1,763 1000 20% 946 906 841 945 814 863 727 692 724 10% 597 587 536 92 0 0% D 04 05 06 07 08 95 96 97 98 99 00 01 02 03 YT 20 20 20 20 20 19 19 19 19 19 20 20 20 20 09 20 Seq 1 Deals in Startup/Early Stage % of Total Seq 1 Deals Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 18 based on data from Thomson Reuters
    • Median Deal Size vs. Mean Deal Size – Quarterly Total U.S. Investments $10 $8.7 $7.7 $7.9 $7.8 $7.6 $7.5 $8 $7.1 $7.3 $7.2 $7.2 $7.0 $7.4 $7.1 $7.3 $7.4 $7.3 $6.7 $7.1 $7.2 $6.9 $6.6 $6.6 $6.5 $6.4 $6.2 $6.1 $5.5 $6 $4.7 $4.6 $4.6 $4.3 $4.5 $4.3 $4.5 $4.4 $4.3 $4.3 $4.3 $4.0 $4.0 $4.2 $4.0 $4.0 $4.0 $4.0 $4.0 $3.9 $3.5 $3.7 $3.7 $3.6 $4 $3.2 $3.0 $2.8 $2 $0 Q3 2002 Q4 2002 Q1 2003 Q2 2003 Q3 2003 Q4 2003 Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2008 Median Deal Size Mean Deal Size Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 19 based on data from Thomson Reuters
    • Post-Money Valuations – Early Stage Companies Q4 2001 to Q4 2008 12 Month Average $40 $35 $30 27.58 $8.29 $25 21.13 19.49 $20 $7.25 $7.86 15.47 15.08 14.33 14.66 $15 $5.35 12.07 $5.78 $6.13 $5.33 $4.41 $10 $19.29 $10.12 $13.88 $11.63 $5 $9.00 $9.30 $8.53 $7.66 $0 Q4 01 Q4 02 Q4 03 Q4 04 Q4 05 Q4 06 Q4 07 Q4 08 Pre-money Valuation Investment Amount Post-money Valuation Source: Thomson Reuters Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 20 based on data from Thomson Reuters
    • Post-Money Valuations – Expansion Stage Companies Q4 2001 to Q4 2008 12 Month Average $110 $100 $90 $80 68.64 $70 61.40 62.41 63.25 60.67 $13.77 $60 $13.51 $15.18 $14.56 $12.59 45.86 45.24 47.93 $50 $10.33 $12.21 $11.19 $40 $30 $20 $47.89 $33.65 $34.05 $48.08 $47.85 $54.87 $48.07 $37.60 $10 $0 Q4 01 Q4 02 Q4 03 Q4 04 Q4 05 Q4 06 Q4 07 Q4 08 Pre-money Valuation Investment Amount Post-money Valuation Source: Thomson Reuters Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 21 based on data from Thomson Reuters
    • Post-Money Valuations – Later Stage Companies Q4 2001 to Q4 2008 12 Month Average $150 99.35 99.08 94.46 $100 $20.32 $14.71 85.91 $15.67 82.08 $13.26 71.08 $12.73 63.75 66.09 $15.89 $13.84 $15.98 $50 $79.03 $47.77 $52.25 $55.19 $78.79 $84.37 $72.65 $69.35 $0 Q4 01 Q4 02 Q4 03 Q4 04 Q4 05 Q4 06 Q4 07 Q4 08 Pre-money Valuation Investment Amount Post-money Valuation Source: Thomson Reuters Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 22 based on data from Thomson Reuters
    • Q1 2009 – Most Active Venture Investors Venture Capital Firm Location Total Deals Oak Investment Partners Westport, Connecticut 13 Draper Fisher Jurvetson (FKA: Draper Menlo Park, California 11 Associates) Venrock Associates Palo Alto, California 11 SV Life Sciences Advisers (Schroder Boston, Massachusetts 11 Ventures Life Sciences) Highland Capital Partners LLC Lexington, Massachusetts 10 Polaris Venture Partners Waltham, Massachusetts 10 Menlo Ventures Menlo Park, California 10 Kleiner Perkins Caufield & Byers Menlo Park, California 9 First Round Capital West Conshohocken, Pennsylvania 9 Maryland Technology Development Columbia, Maryland 9 Corporation (AKA: TEDCO) Morgenthaler Ventures Menlo Park, California 8 Sequoia Capital Menlo Park, California 8 Accel Partners Palo Alto, California 8 Ignition Partners (FKA: Ignition Bellevue, Washington 8 Corporation) August Capital Management Menlo Park, California 8 Versant Ventures Menlo Park, California 8 Oxford Bioscience Partners Boston, Massachusetts 8 Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 23 based on data from Thomson Reuters
    • Q1 2009 – Most Active Venture Investors – NY Area Venture Capital Firm Location Total Deals New Jersey Economic Development Trenton, NJ 4 Authority First Round Capital West Conshohocken, PA 3 Union Square Ventures New York, NY 3 SAS Investors New York, NY 3 Bessemer Venture Partners Larchmont, NY 3 Elm Street Ventures New Haven, CT 2 Ascend Venture Group LLC New York, NY 2 Meritech Capital Partners Palo Alto, CA 2 Oxford Bioscience Partners Boston, MA 2 Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 24 based on data from Thomson Reuters
    • Q1 2009 – Top 10 Deals in NY Metro Company Location Industry Stage $ Invested Quadriserv, Inc. New York, NY Software Later $34.02 Rib-X Pharmaceuticals, Inc.. New Haven, CT Biotechnology Later $25.0 Medical Devices and InSet Technologies, Inc. Budd Lake, NJ Early $25.0 Equipment Tremor Media, Inc. (FKA: New York, NY IT Services Expansion $18.0 Tremor Network, Inc.) Enpirion, Inc. Bridgewater, NJ Semiconductors Later $16.0 TradeCard, Inc. (FKA: Full New York, NY Software Later $15.0 Service Trade System, Inc.) Vidyo, Inc. (FKA: Layered Hackensack, NJ Telecommunications Later $15.0 Media, Inc.) Yodle, Inc. (FKA: Natpal, Inc.) New York, NY IT Services Expansion $13.0 SchoolNet, Inc. New York, NY Software Later $12.99 Outbrain, Inc. New York, NY Software Early $12.0 Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 25 based on data from Thomson Reuters
    • Analysis of Venture-Backed IPO and M&A Activity Total Venture- Average Venture- Number of Average Number of Date Backed Offering Backed Offering Venture-backed M&A deal IPOs* Size ($M) Size ($M) M&A deals size** 2004 94 11,378.0 121.0 346 85.1 2005 57 4,485.0 78.7 352 104.9 2006 56 5,075.1 90.6 369 116.8 2007 86 10,326.3 120.1 373 177.0 2008 Q1 5 282.7 56.5 106 113.6 2008 Q2 0 0.0 0 84 126.7 2008 Q3 1 187.5 187.5 86 96.3 2008 Q4 0 0.0 0 61 140.3 2008 6 470.2 78.4 337 115.7 2009 Q1 0 0.0 0 56 49.6 * Includes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of domicile **Only accounts for deals with disclosed values Source: Thomson Reuters and National Venture Capital Association Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 26 based on data from Thomson Reuters
    • Venture Capital Fundraising Follow-On Total Number VC Raised Year First Time Funds Funds of Funds ($M) 2004 55 156 211 19,156.0 2005 63 173 236 28,747.5 2006 55 184 239 31,866.0 2007 61 188 249 35,649.4 2008 47 167 214 28,278.5 Quarter Q1 ’07 21 60 81 6,485.5 Q2 ’07 17 68 85 8,660.6 Q3 ’07 15 62 77 8,595.8 Q4 ’07 26 59 85 11,907.5 Q1 ’08 10 61 71 7,120.1 Q2 ’08 23 55 78 9,246.7 Q3 ’08 13 49 62 8,393.3 Q4 ’08 11 36 47 3,518.4 Q1 ’09 3 37 40 4,316.0 Data current as of January 19, 2009 Source: Thomson Reuters & National Venture Capital Association Q1 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Slide 27 based on data from Thomson Reuters
    • Closing Thoughts & Comments
    • David Silverman Parner (646) 471-5421 david.silverman@us.pwc.com © 2008 PricewaterhouseCoopers LLP. All rights reserved. quot;PricewaterhouseCoopersquot; refers to PricewaterhouseCoopers LLP or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate and independent legal entity. *connectedthinking is a trademark of PricewaterhouseCoopers LLP (US). s