Download pwc_may_atlanta_presentation.ppt

1,100 views

Published on

Published in: Economy & Finance, Business
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
1,100
On SlideShare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
12
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide
  • $5.3 billion invested in 714 companies in the Q3 2005, down from $6.1 billion invested in Q2 2005 But, higher than Q1 2005 of $5.0 billion and Q3 2004 of $4.6 billion. For the first nine months of 2005, investing totaled $16.3 billion compared to $15.9 billion for the first nine months of 2004. On track to break some post-bubble records: Total venture capital investing in calendar 2005 could meet or exceed 2002’s $21.7 billion which is the highest level in the prior three years. Investments in Later stage companies rose to $2.6 billion – a four-year high -- following the upward trend that began in late 2004. Life Sciences continued its dominance with $1.6 billion in Q3, on track to equal or better calendar 2004 which was a three-year high. Within the Telecommunications industry, the Wireless sub-category jumped to $455 million, also a four-year high.
  • Silicon Valley broke the $2 billion mark for the first time in a year and accounted for nearly 40% of all venture capital invested in the U.S. New England was second behind Silicon Valley, capturing $612 million in Q3 The Southeast was third with $461 million going into 59 deals during the quarter Rounding out the top 5 are LA/Orange County with $340 million and NY Metro with $249 million
  • Life Sciences continues it’s dominance The Life Sciences sector (Biotechnology and Medical Devices industries, together) outpaced the prior quarter with $1.6 billion invested in 155 companies in the third quarter. Although the Telecommunications industry category has languished in recent years, the Wireless sub-category has shown steady growth. Year-to-date, 114 wireless-related companies received $984 million compared to full-year 2004 of 135 companies and $1.1 billion. Notably, the two largest deals of the quarter were wireless-related companies. FiberTower Corporation – received $150 million in Q3 Visto Corporation – received $70 million in Q3 The Software industry dipped in the third quarter, but retained its position as the largest single industry category with 185 companies capturing $1.0 billion. Year-to-date, Software amounted to $3.5 billion in 627 companies, lagging full-year 2004 with 881 companies and $5.2 billion.
  • For the first nine months 2005, Life Sciences accounted for $4.2 billion or 26% of all venture investing. At the current rate, Life Sciences will meet or exceed 2004’s total of $5.8 billion.
  • The most first-time deals were in the Software industry and Life Sciences sector with 46 companies in each. For the first nine months 166 Software companies got institutional venture capital for the first time, or 25% of all first-time deals. Life Sciences followed closely with 120, or 18%. First-time Telecommunications investing reached a four-year high with 26 deals, reflecting renewed interest in the wireless arena. Media & Entertainment and Industrial/Energy followed with 13 deals each. First sequence investing in other industries generally mirrored the pattern of overall industry investing.
  • Venture capitalists continued to make new investments at a steady clip in the third quarter. A total of 215 companies got their first-ever round of institutional venture capital which amounted to $1.1 billion. Year-to-date, 653 companies received their first venture capital for a total of $4.0 billion. Full-year 2004 figures of 854 companies and $4.6 billion were both three-year highs, putting 2005 on track to a four-year high.
  • The sustained dominance of Later stage investing over the past 12 months reflects venture capitalists continued support of existing portfolio companies via additional follow-on rounds. In the third quarter, Later stage funding rose slightly to $2.6 billion going into 248 companies. Year-to-date 2005, Later stage amounted to $7.2 billion, approaching full-year 2004 figures of $7.6 billion which was a three-year peak. Funding for Start-Up and Early stage companies fell back in Q3 to $1.0 billion 216 companies, but still above the first quarter. However, the year-to-date 2005 totals of $3.2 billion and 697 deals are on track to match full-year 2004 of $4.3 billion and 1028 deals. Investing in Expansion stage companies fell to its lowest point of the year in the third quarter; $1.6 billion in 250 companies. Year-to-date figures of $6.0 billion and 825 deals point to a full-year 2005 that will be significantly lower than 2004 of $9.7 billion and 1,217 deals.
  • Year-to-date, the most first-time financings, 69%, went to Start-Up and Early stage companies. Expansion stage companies were 26% and Later stage 5%.
  • Average post-money valuations of Early stage companies were essentially flat at $14.4 million for the 12 months ending Q2 2005 compared to $14.2 million for the period ending Q1 2005. (Note that valuation data lags investment data by one quarter.)
  • Average post-money valuations dropped to $46.2 million versus $53.3 million for the prior period.
  • The average post-money valuation rose to $78.9 million for the 12 months ending Q2 2005 compared to $63.2 million for the Q1 2005 period.
  • The most recent performance data available is from the 1 st quarter of 2005. Short-term venture capital performance showed signs of fluctuation at the close of the 1 st quarter of 2005 with a decline in the 1 and 5 year investment horizons and an improvement in the 3 year horizon. Despite the short-term swing, the 10 and 20 year horizon returns remained constant for venture capital for the period ending 3/31/05 at 25.4% and 15.6% respectively. For the same time horizon, buyout funds returned 8.7% and 13%. All private equity continued to outperform both the NASDAQ and the S&P 500 for the long-term with a 12.5% ten year return.
  • 19 VC-backed companies raised $1.5b through IPOs, and 76 vc-backed companies were acquired in the third quarter of 2005. Q3 marks the first time in 2005 that the total venture-backed IPO offering amount has been over $1 billion. The technology sector led the quarter with 9 venture-backed IPOs raising a total of $759.1 million. In addition to the IPOs completed this quarter, there are currently 30 venture-backed companies in-registration with the SEC. This figure is down from the 38 in-registration at the end of the second quarter.
  • The private equity fundraising climate remained robust in Q3 2005 with 45 venture funds raising $5.4 billion and 45 buyout & mezzanine funds fetching $16.8 billion. While the quarterly totals represented a fall off in activity from a strong 2 nd quarter, the average venture fund size continued to remain strong at $119 million. After the 3 quarters of this year, both venture and buyout fundraising levels have already surpassed 2004 levels.
  • Download pwc_may_atlanta_presentation.ppt

    1. 1. PricewaterhouseCoopers/ National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Shaking the MoneyTree ™ Q1 2007 Update May 2007
    2. 2. Page PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report Based on data from Thomson Financial PricewaterhouseCoopers/National Venture Capital Association MoneyTree ™ Report based on data from Thomson Financial <ul><li>The MoneyTree Report – Q1 ’07 </li></ul><ul><li>Presented by Wes Getman, PwC </li></ul><ul><li>Discussion Panel </li></ul><ul><ul><ul><li>Allen Moseley, Noro-Moseley Partners </li></ul></ul></ul><ul><ul><ul><li>Stephen Fleming, Georgia Tech VentureLab </li></ul></ul></ul><ul><li>Q&A </li></ul>
    3. 3. Wes Getman, PricewaterhouseCoopers <ul><li>Wes Getman is a senior manager as part of the assurance practice in the Technology Industry for PricewaterhouseCoopers LLP. Wes has been with PwC since 1998 and has been part of the Atlanta practice throughout his career. His focus is on introducing emerging technology companies to PricewaterhouseCoopers and its vast resources in order to help the companies grow and succeed. As part of his responsibilities, Wes is actively involved as a client service audit professional. His current audit clients include some of Atlanta’s most promising young companies, including Servigistics, Comverge, Nexidia, Procuri, and CardioMEMS. Wes has also held positions at Xerox as a financial analyst and with Thomas’ Publishing in marketing. Wes is actively involved in several Atlanta-based technology groups. </li></ul>
    4. 4. Allen Moseley, General Partner, Noro-Moseley Partners <ul><li>Allen is a General Partner at Noro-Moseley Partners where he focuses on healthcare investments, primarily in the healthcare services and healthcare information technology areas, as well as technology enabled business services. He serves on the board of a number of Noro-Moseley portfolio companies, including Apex Analytix, Bloodhound Software, Neospine, Senior Whole Health, and Valor Healthcare. Allen is currently Chairman of the Technology Association of Georgia (TAG) and has previously served on the Board of Directors of the Council for Entrepreneurial Development (CED) in the Research Triangle Park, NC. He is also a member of the Nashville Healthcare Council. Before joining NMP in 1998, Allen was employed as an Associate in the Corporate Finance group at The Robinson-Humphrey Company. While at Robinson-Humphrey, he worked on a number of initial public offerings, mergers and acquisitions, and private placements in the healthcare and technology industries. Allen also worked on private equity investments for R-H Capital Partners, a private equity fund affiliated with Robinson-Humphrey. </li></ul>
    5. 5. Stephen Fleming, Chief Commercialization Officer, Georgia Tech <ul><li>Stephen Fleming is an Atlanta native, a graduate of Georgia Tech, and a successful Atlanta investor and entrepreneur. After technical and management positions at AT&T Bell Laboratories and Northern Telecom, Stephen has been a partner in two Atlanta-based venture capital firms; he has managed investments in more than 20 start-up companies. In his role as Chief Commercialization Officer, he is responsible for streamlining the handling of Georgia Tech's intellectual property, accelerating the licensing of technology, and making the Institute’s resources more readily accessible to business and industry. </li></ul>
    6. 6. About The Report <ul><ul><li>PricewaterhouseCoopers and the National Venture Capital Association produce the MoneyTree Report™ based on data from Thomson Financial </li></ul></ul><ul><ul><li>‘ Core’ measure of equity investments in venture-backed companies in the United States </li></ul></ul><ul><ul><li>Companies have received at least one round of financing involving a professional VC firm or equivalent </li></ul></ul><ul><ul><li>Captures: tranches, not term sheets, foreign VCs, qualified private placement </li></ul></ul><ul><ul><li>Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc. </li></ul></ul><ul><ul><li>MoneyTree™ Report in its 13th year </li></ul></ul><ul><ul><li>Results online at www.pwcmoneytree.com, www.nvca.org, www.venturexpert.com </li></ul></ul>
    7. 7. MoneyTree Total Investments: Q1 1998 – Q1 2007 2007 853 Q1 2006 778 Q1 884 Q4 875 Q3 910 Q2 720 Q1 774 Q3 812 Q2 801 Q4 2005 # of Deals 817 Q4 678 Q3 844 Q2 702 Q1 2004 2003 2002 2001 2000 1999 1998 774 Q4 705 Q3 735 Q2 690 Q1 722 Q4 687 Q3 846 Q2 831 Q1 977 Q4 1002 Q3 1225 Q2 1289 Q1 1745 Q4 1933 Q3 2105 Q2 2131 Q1 1868 Q4 1422 Q3 1304 Q2 916 Q1 990 Q4 910 Q3 901 Q2 843 Q1
    8. 8. MoneyTree Total Investments: 1980 – YTD Q1 2007 Annual Venture Capital Investments 1980 to YTD Q1 2007
    9. 9. Investments by Region: Q1 2007 Q1 2007 Total: $7,056 in 778 Deals NM = Not Meaningful 48.81% 34 Philadelphia Metro 13.47% 778 Total AK/HI/PR South Central Upstate NY Sacramento/N.Cal North Central Colorado South West DC/Metroplex Texas Midwest NY Metro Northwest LA/Orange County Southeast San Diego New England Silicon Valley Region -98.36% 1 -83.10% 3 -71.45% 4 329.78% 6 -18.07% 10 35.85% 13 127.38% 22 5.29% 41 61.06% 34 15.13% 43 -39.90% 48 26.51% 40 52.30% 42 54.05% 54 73.91% 44 29.14% 95 -7.28% 244 % Change $ from Q4 ‘06 # of Deals
    10. 10. Investments by Region – Quarterly Percent of Total U.S. Investments Top U.S. Regions Q1 ‘06– Q1’07
    11. 11. Investments by Region: Q1 2007 Texas $277.6 34 Deals Silicon Valley $2,165.1 244 Deals New England $975.5 95 Deals Midwest $280.5 43 Deals South Central $3.0 3 Deals Northwest $456.7 42 Deals Sacramento/N. CA $30.1 6 Deals San Diego $686.3 44 Deals Southeast $579.3 54 Deals Southwest $121.8 22 Deals LA/Orange County $526.0 40 Deals DC/Metroplex $197.2 41 Deals NY Metro $360.5 48 Deals Philadelphia Metro $204.8 34 Deals North Central $79.8 10 Deals Q1 2007 Total Investments - $7,056 in 778 Deals Colorado $100.4 13 Deals AK/HI/PR $0.2 1 Deal Upstate NY $11.1 4 Deals
    12. 12. Investments by Industry – Quarterly Percent of Total U.S. Investments Top 5 Industries – Q1 ‘06 to Q1 ‘07
    13. 13. Investments by Industry: Q1 2007 Q1 2007 Total: $7,056 in 778 Deals Visit www.pwcmoneytree.com for Industry definitions NM = Not Meaningful NM 1 Undisclosed/Other 13.47% 778 TOTAL Consumer Products and Services Financial Services Computers and Peripherals Retailing/Distribution Healthcare Services Electronics/Instrumentation Business Products and Services Networking & Equipment IT Services Semiconductors Media & Entertainment Industrial/Energy Telecommunications Medical Devices & Equipment Software Biotechnology Industry -67.91% 12 20.43% 17 61.92% 9 56.71% 12 20.86% 10 77.64% 16 37.12% 22 31.45% 29 7.60% 38 -26.07% 42 20.50% 44 16.47% 72 27.19% 63 59.83% 96 -10.29% 193 19.65% 102 % Change $ from Q4 ‘06 # of Deals
    14. 14. Life Science Investments – Percent of Total U.S. Investments* Life Science Sectors – Q1 ’06 to Q1 ‘07
    15. 15. Investments by Sequence of Financing: Q1 2007 Q1 2007 Totals: $7,056 in 778 Deals 23.39% 192 Fifth & Beyond 13.41% 85 Fourth 13.47% 778 Total Third Second First Financing 18.87% 115 4.30% 163 6.09% 223 % Change in $ Amount from Q4 2006 # of Deals
    16. 16. First Sequence Financing – Number of Deals First Sequence Deals
    17. 17. First Sequence Financing – Investment Amount First Sequence Investments
    18. 18. Investments by Stage of Development: Q1 2007 Q1 2007 Totals: $7,056 in 778 Deals 13.47% 778 Total Startup/Seed Early Stage Expansion Stage Later Stage Stage of Development -39.29% 71 -28.48% 188 8.57% 274 56.72% 245 % Change in $ Amount from Q4 2006 # of Deals
    19. 19. First Sequence Financing – Percent of Total U.S. Investments
    20. 20. Stage of Development – Quarterly Percent of Total First Sequence Dollars Stage Development – Q1 2006 to Q1 2007
    21. 21. Stage of Development – Quarterly Percent of Total First Sequence Deals Stage Development – Q1 2006 to Q1 2007
    22. 22. First Sequence Deals in Startup & Early Stage Companies
    23. 23. Median Deal Size vs. Mean Deal Size – Quarterly Total U.S. Investments
    24. 24. Post-Money Valuations – Early Stage Companies 1997 to 2006 12 Month Average $11.13 2006 $15.37 2004 $15.52 2005 $14.13 2003 $15.41 2002 $27.92 2001 $36.22 2000 $25.41 1999 $24.30 1998 $17.55 1997 Total Year
    25. 25. Post-Money Valuations – Expansion Stage Companies 1997 to 2006 12 Month Average $68.90 2006 $60.87 2004 $60.62 2005 $43.46 2003 $45.89 2002 $62.33 2001 $108.99 2000 $79.43 1999 $43.02 1998 $38.88 1997 Total Year
    26. 26. Post-Money Valuations – Later Stage Companies 1997 to 2006 12 Month Average $95.33 2006 $73.17 2004 $95.29 2005 $68.71 2003 $65.44 2002 $98.87 2001 $159.40 2000 $125.87 1999 $65.97 1998 $70.58 1997 Total Year
    27. 27. Q1 2007 – Most Active Venture Investors 15 Menlo Park, California Menlo Ventures 16 Westport, Connecticut Canaan Partners 15 Santa Clara, California Intel Capital 14 New York, New York Venrock Associates 14 Chicago, Illinois ARCH Venture Partners 15 Menlo Park, California Sequoia Capital 17 Menlo Park, California Draper Fisher Jurvetson 18 Baltimore, Maryland New Enterprise Associates 18 San Francisco, California Alta Partners Total Deals Location Venture Capital Firm
    28. 28. Thomson Financial U.S. Private Equity Performance Index (PEPI) (Investment Horizon Performance as of 12/31/2006) Source: Thomson Financial/National Venture Capital Association *Data as of 4/13/2007--The Private Equity Performance Index (PEPI) is based on the latest quarterly statistics from the Thomson Financial Private Equity Performance Database analyzing the cashflows and returns for over 1860 US venture capital and private equity partnerships with a capitalization of $679 billion. Sources are financial documents and schedules from Limited Partners investors and General Partners. All returns are calculated by Thomson Financial from the underlying financial cashflows. Returns are net to investors after management fees and carried interest. 9.2 6.6 4.2 8.2 10.8 S&P 500 10.1 6.4 4.3 6.2 4.7 NASDAQ 13.9 8.5 12.9 16.6 14.0 14.6 20.5 20 Year 11.0 6.1 8.5 20.3 9.0 17.6 36.4 10 Year 7.5 4.1 10.4 1.0 3.7 4.1 -3.0 5 Year 12.7 5.0 14.6 9.1 9.4 11.7 6.5 3 Year 23.3 All Private Equity 12.6 Mezzanine 24.5 All Buyouts 16.4 All Venture 25.2 Later Stage VC 20.5 Balanced VC 9.9 Early/Seed VC 1 Year Fund Type
    29. 29. Analysis of Venture-Backed IPO and M&A Activity* * Q1 2007 M&A data, current as of April 2, 2007, is preliminary and subject to change ** Includes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of domicile ***Only accounts for deals with disclosed values Source: Thomson Financial/ National Venture Capital Association 113.3 340 89.8 5,117.1 57 2006 161.2 62 123.1 2,091.9 17 2007 Q1 161.2 62 123.1 2,091.9 17 2007 95.8 347 79.7 4,461.0 56 2005 165.3 57 81.6 1,631.1 20 2006 Q4 95.6 87 116.8 934.2 8 2006 Q3 101.3 92 105.8 2,011.0 19 2006 Q2 112.2 104 54.1 540.8 10 2006 Q1 62.8 291 69.8 2,022.7 29 2003 83.0 339 118.4 11,014.9 93 2004 Average M&A deal size*** Number of Venture-backed M&A deals Average Venture-Backed Offering Size ($M) Total Venture-Backed Offering Size ($M) Number of IPOs** Date
    30. 30. Venture Capital Fundraising* Source: Thomson Financial/National Venture Capital Association *These figures take into account the subtractive effect of downsized funds Date current as of 4/16/07 30,260.4 212 168 44 2006 4,143.4 56 42 14 Q4 ‘06 13 13 13 17 13 55 56 50 57 First Time Funds 43 52 59 55 43 163 149 97 115 Follow-On Funds 5,426.0 65 Q3 ‘06 14,050.9 72 Q2 ‘06 6,640.1 72 Q1 ‘06 4,939.8 56 2007 YTD 4,939.8 56 Q1 ‘07 Quarter 27,957.3 218 2005 18,566.0 205 2004 10,622.3 3,767.4 VC Raised ($M) 147 2003 172 2002 Total Number of Funds Year
    31. 31. Georgia - Quarter by Quarter 2001 – 2007 ($ in millions) 2001 # of Deals 2004 2002 2003 2005 2006 17 19 18 17 16 20 11 18 16 16 25 15 10 16 16 18 19 25 16 31 25 40 40
    32. 32. 2007 Q1 “Top 13” States Receiving Venture Capital 277,607,300 34 Texas 365,881,600 33 Washington 901,224,000 84 Massachusetts 98,642,900 17 Georgia 100,369,300 13 Colorado 104,660,100 20 Maryland 108,627,900 18 New Jersey 134,887,000 17 Illinois 150,833,600 13 Florida 199,643,300 34 Pennsylvania 249,816,300 16 North Carolina 261,279,800 34 New York $3,407,455,800 334 California Amount Deals State
    33. 33. Georgia Deals – Q1 2007 $65,000 Stheno Corporation $3,000,000 Undisclosed $5,000,000 Ryla Teleservices, Inc. $98,642,900 Total Amount Company $3,400,000 Racemi, Inc. $200,000 Prosero, Inc. $3,000,000 Prenova, Inc. $500,000 Omnilink Systems, Inc. $3,999,900 MFG.com, Inc. $500,000 Interactive Advisory Software LLC $5,000,000 Global MailExpress, Inc. $2,000,000 EGT, Inc. $28,000 CytoDome, Inc. $1,750,000 ControlScan, Inc. $2,200,000 Compliance 360, Inc. $33,000,000 CoalTek, Inc. $20,000,000 Carticept Medical, Inc. $15,000,000 AllConnect, Inc.
    34. 34. Georgia Deals – Q1 2007 by Industry 9,100,000 4 Software 3,999,900 1 Retailing/Distribution 17,000,000 2 Media & Entertainment $ 98,642,900 17 Total 5,500,000 2 Telecommunications 20,028,000 2 Medical Devices & Equipment 1,750,000 1 IT Services 38,200,000 3 Industrial/Energy 3,000,000 1 Business Products and Services $65,000 1 Biotechnology Amount Deals Industry
    35. 35. Georgia Deals – Q1 2007 by Stage of Development Amount Deals Stage $98,642,900 17 Total 56,600,000 6 Later 19,764,900 7 Expansion $22,278,000 4 Early
    36. 36. Georgia Deals – Q1 2007 by Sequence 15,000,000 1 10 Amount Deals Sequence $98,642,900 17 Total 3,000,000 1 8 2,000,000 1 7 38,000,000 2 5 3,665,000 3 4 8,028,000 3 3 22,700,000 3 2 $6,249,900 3 1
    37. 37. Georgia-Based VC Funds Reporting Activity Q1 2007 Venture Capital Firm Deals Amount 6,847,600 2 Kinetic Ventures LLC 594,000 1 HIG Capital Management 3,985,000 3 Total Technology Ventures LLC 250,000 1 Imlay Investments $41,000 2 Advanced Technology Development Center $16,916,900 15 Total 52,000 1 Cordova Ventures 107,000 1 UPS Strategic Enterprise Fund 1,100,000 1 Fulcrum Ventures 13,000 1 HealthCare Capital Partners 3,927,300 5 Noro-Moseley Partners
    38. 38. Entrepreneurs’ and Venture Capitalists’ On-Line Resource Guide <ul><li>www.pwc.com - The PricewaterhouseCoopers’ Global website. </li></ul><ul><li>www.pwcmoneytree.com - The PricewaterhouseCoopers Money Tree Survey is a quarterly study of equity investments made by the venture capital community in private companies in the U.S. The survey identifies regional and national trends, entrepreneurial developments and promising industry segments. </li></ul><ul><li>www.pwcv2r.com (formerly www.pwcerc.com) - The Entrepreneur Resource Center (ERC) site offers proven business plan templates, financial models, technology-specific ratios, benchmarks and more. </li></ul><ul><li>www.pwcvc.com - The VC BestPractices site serves to provide an aggregate, comparative view of key issues and activities impacting the venture capital community, and to identify best practices. </li></ul><ul><li>www.pwcnextwave.com - NextWave provides news and ideas for private equity investors and entrepreneurs in the technology industry. Check out who’s who in venture capital by taking a glance at the Most Active VC Firms. </li></ul><ul><li>www.barometersurveys.com - The Trendsetter and Technology Barometer surveys report on the opinions and business innovations of America’s fastest-growing companies and track developments in the rapidly-changing technology industry. </li></ul><ul><li>www.telecomdirect.pwc.com - Telecom Direct offers telecommunications news and information specifically designed for industry professionals. The service broadcasts every business day over the Internet directly to users’ PCs. </li></ul><ul><li>www.tagonline.org (Technology Association of Georgia) </li></ul><ul><li>www.techlinks.net (News and Events for the Georgia Technology Community) </li></ul><ul><li>www.innovationspublishing.com - subscription-based electronic service providing detailed analysis of privately - funded technology ventures in the state of Georgia. </li></ul><ul><li>www.atdc.org/erc/ - Resources on starting up and building a company </li></ul>
    39. 39.  – Atlanta Contacts: Wesley Getman Senior Manager Technology Industry Practice Phone: 678-419-2129 [email_address] Kien Taing Senior Associate Technology Industry Practice Phone: 678-419-1577 kien.e.taing @us.pwc.com © 2005 PricewaterhouseCoopers LLP. All rights reserved. &quot;PricewaterhouseCoopers&quot; refers to PricewaterhouseCoopers LLP (a Delaware limited liability partnership) or, as the context requires, other member firms of PricewaterhouseCoopers International Ltd., each of which is a separate and independent legal entity. *connectedthinking is a trademark of PricewaterhouseCoopers LLP. 

    ×