mary mcbride - portfolio

2015 | ©MARY MCBRIDE | ECAD

EXPLORERS CLUB ANNUAL DINNER – 2015

1

7:30 PM PRESIDENT’S WELCOME Alan Nichols

MASTER OF CEREMONIES The Spirit of Theodore Roosevelt

EDWARD C. SWEENEY MEMORIAL MEDAL Bruce Blanchard

SHACKLETON CENTENNIAL SALUTE Honorable Alexandra Shackleton

FINN RONNE MEMORIAL AWARD David Hempleman-Adams

IN MEMORIAM

8:15 PM DINNER

8:40 PM LIVE AUCTION Hugh Hildesley

CITATION OF MERIT Bill Steele

CITATION OF MERIT Mandip Singh Soin

FLAG RETURN Altai Mountain Expedition Frederik D.A. Paulsen MI ’02

FOUNDATION MAMONT EXPLORATION AWARD

PRESIDENT’S TRIBUTE Paragon StratEx Team

EXPLORERS CLUB MEDAL Neil deGrasse Tyson

ROLEX RAFFLE

CLOSING REMARKS Alan Nichols

10:00 PM After Dinner Surprises In The Roosevelt Rotunda

MARCH 21, 2015, MILSTEIN HALL OF OCEAN LIFE | AMERICAN MUSEUM OF NATURAL HISTORY

EVENING PROGRAM

There were all kinds of things I was afraid of at first, ranging from grizzly bears to “mean” horses and gun-fighters; but by acting as if I was not afraid, I gradually ceased to be afraid. — Theodore Roosevelt

T he Explorers Club and the American Museum of Natural History

have a long and interwoven history. This collaboration is incredibly

multi-faceted and encompasses many joint Flag Expeditions,

membership, and Research Collection influences.

A commanding figure on horseback—one of The Explorers Club’s most famous members—welcomes visitors to the legendary American Museum of Natural History in New York City. The statue is just inside the Theodore Roos-evelt Rotunda; where a giant T-Rex dinosaur skeleton reminds us that ancient history re-sides here...along with centuries of exploration discoveries, many made by members of The Explorers Club.

In 1915, Theodore Roosevelt became a member of The Explorers Club, and after every expedition in his long life of adventure, he brought his findings to the American Museum of Natural History. Over the years, he contin-ued to support both organizations, as have many other Explorers Club members, both past and present.

Carl Akeley, who served as President of The Explorers Club from 1917–1919 donated his extraordinary specimen collections to the Mu-seum; and the Akeley Hall of African Mammals, where tonight’s cocktail reception took place, bears his name. F. Trubee Davison, AR 1928, served as President of AMNH, beginning in 1933. Roy Chapman Andrews, MED 1908, car-ried Explorers Club Flag 2 on the famed 1923 Central Asiatic Expedition through the Gobi Desert, and served as both a TEC President (1931-1934) and Director of the American Mu-seum of Natural History, beginning in 1935. The AMNH sponsored numerous Explorers Club Flag Expeditions in the twentieth cen-tury, including Harold McCracken’s 1928 Stoll-McCracken Arctic Expedition (Flag 16), Edward M. Weyer’s Matto Grosso Expedition (Flag 16), Russell F. Peterson’s Spalding-Peterson Expe-dition to Australia (Flag 179), and Dr. Oshin Agathon’s AMNH Mozambique Expedition (Flag 155) in 1960.

Adorning the walls of both organizations is the artwork of William R. Leigh. Leigh traveled with Carl Akeley on an expedition to Africa in

the 1920s, to study and illustrate the landscape there. His more than 70 finished works were published in his book, Frontiers of Enchantment: An Artist’s Adventures in Africa, and they form the models for the backgrounds of the dioramas in the Akeley Hall of African Mammals at the Museum. Twelve of the original paintings are located at The Explorers Club headquarters.

The Club’s Research Collections experts have partnered with AMNH to discover new information about some of the Explorers Club’s specimens, including the much-loved supernu-merary, four-tusked elephant collected in 1934 by Armand Denis, ANR 1933; and the Club’s treasured Theodore Roosevelt and River of Doubt Lantern Slide Collections were gifted to The Explorers Club by the American Museum of Natural History in 2003.

In 2015, one hundred years after Theodore Roosevelt became a member of The Explor-ers Club, our organization is proud to host its 111th Annual Dinner at the American Museum of Natural History. This year’s theme—the Spirit of Exploration—is especially fitting. We can imagine “TR” and other legends of exploration looking on as present day explorers celebrate the “bonds of good fellowship” that are at the core of this remarkable organization, in the his-toric venue that is a true bastion of discovery.

THE EXPLORERS CLUB AND AMNH

Roy Chapman Andrews on his Central Asiatic Expedi-tion through the Gobi Desert — an AMNH sponsored expedition with The Explorers Club flag flying.

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When you are at the end of your rope, tie a knot in it and hold on. — Theodore Roosevelt

Pre-taxfrom you

FromABC

Medical care, tests and other healthservices, prescription drugs

Medical care, tests and other healthservices, prescription drugs

The accountstays with you

Unused funds arereturned to ABC

FromABC+

What’s The Di�erenceHealth Savings Account vs. Health Reimbursent Account

HRAHSA

HRAHSA

Yes No

WHERE DOES THE MONEY COME FROM?

WHAT’S COVERED?

IF YOU LEAVEABC...

CAN YOU USE ITAS A LONG-TERM

SAVINGS VEHICLE?

PORTFOLIO | MARY MCBRIDE | BRANDING

INFOGRAPHICS

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PROGRESS CONVERSATIONS

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YEAR-END CONVERSATIONS

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789012

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Pre-open 9:45 a.m. to 10:00 a.m

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NEW YORK STOCK EXCHANGE 2014 BRAND ROLLOUT

MARKET ACCESS CENTER


Mac Booth Pillars

MARKET ACCESS CENTER

Unlocking the World’s PotentialNYSE connects and operates the world’s most important capital markets, empowering global business to seize opportunities that unlock potential throughout the world.

By leveraging the power of man and machine, NYSE is constantly innovating new products, powering new trading platforms and engaging its business network to create the most active connections between companies, capital and ideas.

We help unlock the potential of public companies by providing them access to the capital and opportunities they need to transform their business.

Contact: Scott R. Cutler EVP & Head of Global Listings, NYSE T +1 212 656 2400 | [email protected]


20 Broad Windows

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YOR

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The NYSE Bonds trading platform provides a more efficient and transparent way to trade bonds. Using the design of the current NYSE Arca all-electronic trading systems, subscribing NYSE member firms and their sponsored participants can enter orders to buy or sell eligible bonds more quickly and with more information.

N YSE

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NYSE & NYSE MKT Unique Market Model Only NYSE and NYSE MKT equities markets offer both high-tech automation for low latency and complete anonymity along with high-touch participation for orderly opens and closes, lower volatility, deeper liquidity and price improvement. This unique combination provides the highest levels of market quality and competitiveness.

Designated Market MakersDesignated Market Makers (DMMs) have true obligations for maintaining a fair and orderly market for their assigned securities. This “high touch” approach is important for adding liquidity, discovering and improving prices, dampening volatility, and enhancing value.

� Combine both a physical auction and a completely automated auction that includes algorithmic quotes from DMMs and other market participants.

� Have quoting obligations and must quote at the NBBO a specified percentage of the time.

� Facilitate price discovery throughout the day as well as at the open, close and in periods of significant imbalances and high volatility. They have affirmative obligations at the open and close.

� Provide price improvement and match incoming orders based on a pre-programmed Capital Commitment Schedule which has been added to the NYSE Display Book, minimizing latency.

� Are on parity with quotes from floor brokers and those on the Display Book, encouraging DMM participation and higher market quality.

� Have economic incentives to provide liquidity.

Supplemental Liquidity ProvidersSupplemental Liquidity Providers (SLPs) are upstairs, electronic, high-volume members with financial incentive to add liquidity on the NYSE. They complement and add competition to existing quote providers. SLPs:

� Are obligated to maintain a bid or offer at the NBBO in each of their selected securities at least 10% of the trading day.

� Receive financial rebates when they post liquidity in an assigned security that executes against incoming orders. This generates more quoting activity, leading to tighter spreads and greater liquidity at each price level.

� Trade only for their proprietary accounts, not for public customers or on an agency basis.

ENHANCED LIQUIDITYNYSE’s unique liquidity providers bring almost 500 million shares/day. SLPs have quote obligations and bring diverse flow

217

72 Floor Brokers10 SLPs

140

Floorbrokers bring institutional

liquidity

5 DMMs

113

DMMs have time/size

quoting standards in ALL stocks

Data as of February 2012

THE LARGEST LIQUIDITY POOLAverage daily volume in NYSE-listed Securities (mil shrs)

NYSE has the most liquidity compared to all other exchanges

EDGX

EDGA

BATS

Nasdaq

NYSE Arca

NYSE

788

NYSE Nasdaq BATS EDGA EDGXNYSE Arca

368

534

273

105

259

Trading Solutions for the Buyside


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Version 3-1Effective from 8 April 2013

Index Rule Book

NYSE Century Index

PORTFOLIO | MARY MCBRIDE | EVENT PACKAGES

OYSTER PERPETUAL EXPLORER

rolex oyster perpetual and explorer are trademarks.for an official rolex jeweler call 1-800-367-6539.

THE 110TH EXPLORERS CLUB ANNUAL DINNER

EXPLORATION & TECHNOLOGY

CELEBRATING INNOVATION IN DISCOVERY

EXPLORERS CLUB ANNUAL DINNER SCHEMATIC – WALDORF ASTORIA 2014

EVENING PROGRAMMARCH 15, 2014, GRAND BALLROOM

THE WALDORF ASTORIA

P R E S I D E N T ’ S W E L C O M E

Alan Nichols

M A S T E R O F C E R E M O N I E S

Brian Greene

K E Y N O T E S P E A K E R

Stephen Hawking

(Presented by his son, Tim Hawking)

P R E S E N TAT I O N O F AWA R D S

I N M E M O R I A M

D I N N E R

Domenico Vicinanza, Voyager I and Voyager II Duet

(DANTE/GEANT, Cambridge, UK)

E X P L O R E R S C L U B G R A N T S

L I V E A U C T I O N

Hugh Hildesley

R A F F L E

Rolex Oyster Perpetual Explorer II Timepiece

P R E S E N TAT I O N O F AWA R D S

P R E S I D E N T I A L AWA R D F O R E X P L O R AT I O N & T E C H N O L O G Y

Elon Musk

C L O S I N G

Alan Nichols

D E S S E R T R E C E P T I O N A N D D A N C I N G

RSVP RESERVATIONSSeating is on a first-come, first-served basis. Please make reservations early to ensure your participation in this extraordinary night.

PLEASE WRITE YOUR NAME(S) AS YOU WOULD LIKE TO BE LISTED.

TABLE HOST 1 ____________________________________ TABLE HOST 2/GUEST __________________________ (PLEASE CIRCLE ONE)

___________________________________ __________________________________GUEST 3 GUEST 4

___________________________________ __________________________________GUEST 5 GUEST 6

___________________________________ __________________________________GUEST 7 GUEST 8

___________________________________ __________________________________GUEST 9 GUEST 10

___________________________________ __________________________________GUEST 11 (VOYAGER & TRIESTE TABLES ONLY) GUEST 12 (VOYAGER & TRIESTE TABLES ONLY)

_____ I do not have my guest list yet; please contact me laterQuestions: Contact Will Roseman at 212-628-8383 or [email protected]

Voyager table: $40,000 Includes: Explorers Club Commemorative Flag for Table Host signed by the evening’s honorees • VIP Reception for all table guests • Saturday Honoree Brunch for all table guests • Priority Event Seating • Premium Liquor • Priority seating for ECAD Exploring Legends • Recognition in program • Table seats 12

Trieste table: $25,000 Includes: VIP Reception for all table guests • Saturday Honoree Brunch for all table guests • Priority Event Seating • Premium Liquor • Priority seating for ECAD Exploring Legends* • Recognition in program • Table seats 12

Curiosity table: $12,000 Includes: VIP Reception for all table guests • Recognition in program • Table seats 10

Argo table: $7,000 Includes: VIP Reception for Two (Table Hosts or their Designees) • Recognition in program • Table seats 10

Curiosity ticket: $1,200.00 Includes: VIP Reception • Recognition in Program

Argo ticket: $700.00 Includes: Recognition in program • Admission to all non-VIP events

Explorer ticket: $375.00 Includes: Admission to all non-VIP events

MARCH 15, 2014

THE WALDORF ASTORIA

NEW YORK CITY

PROCEEDS BENEFIT

THE PROGRAMS OF

THE EXPLORERS CLUB

THE 110TH EXPLORERS CLUB ANNUAL DINNER

EXPLORATION & TECHNOLOGYCELEBRATING INNOVATION IN DISCOVERY

Yes, I would like to purchase _____ table(s) totalling $ ________________

Yes, I would like to purchase _____ tickets(s) totalling $ ________________

I am unable to attend, but enclosed is my tax-deductible donation in the amount of $ ________________

PAYMENT

_____ Check enclosed; payable to The Explorers Club

_____ Please charge my credit card $________________ as indicated:

AmericanExpress MasterCard Visa Discovery

______________________________________________________________NAME ON CREDIT CARD

______________________________________________________________BILLING ADDRESS

______________________________________________________________CITY/STATE/ZIP

______________________________________________________________E-MAIL

______________________________________________________________TELEPHONE

_______________________________ ________________________ ____________CREDIT CARD NUMBER EXPIRATION DATE CCV NUMBER

TABLES____ Voyager table: $40,000

____ Trieste table: $25,000

____ Curiosity table: $12,000

____ Argo table: $7,000

INDIVIDUAL TICKETS____ Curiosity ticket: $1,200

____ Argo ticket: $700

____ Explorer ticket: $375

Tickets and tables can be

purchased online at:

www.explorers.org


BANK OF AMERICA | MERRILL LYNCH

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Wednesday, November 6 – Thursday, November 7, 2013

Rosewood Sand Hill 2825 Sand Hill Road Menlo Park, CA

Mark Your CalendarTechnology InnovationSummit 2013

We invite you to join our team of business and technology executives to learn about — and influence — Bank of America Merrill Lynch’s perspective on key technology themes and emerging investment trends. We’ll share ideas and insights on best practices and business processes that are transforming the way we do business in today’s client-driven world.

Wednesday, November 6

11:00 a.m. Lunch and registration

12:00 – 5:30 p.m. Innovation summit

5:30 – 7:30 p.m. Cocktail reception

Thursday, November 7

8:00 a.m. – 5:00 p.m.

By invitation, one-on-one meetings between private companies and executives from Bank of America’s business and technology teams.

Invitation with complete details will follow.

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Broker-Dealer InstinctTM brings a complete, multi-asset trading and clearing management platform to deliver the

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Access liquidity in the marketplace via the Instinct smart router which looks to maximize liquidity in the dark and public markets. In addition, clients can access Bank of America Merrill Lynch liquidity via Instinct® X which is a registered ATS. Instinct® X provides clients with the possibility of interacting with our industry leading global equity franchise comprised of our vast private and institutional clients.

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Innovation. Transformation. Success. Technology Corporate and Investment Banking

Transformation starts here

From cloud computing to mobility, social collaboration and data

analytics, great tech companies bring breakthroughs into the

mainstream. Bank of America Merrill Lynch provides specialized

expertise, integrated capabilities and financial capital to help you

lead each new transformative wave of innovation.

Over the past 12 months, we’ve delivered over $100 billion in equity and debt capital raising

and strategic solutions to a sector that continues to surge. The volume of U.S. mergers and

acquisitions in the tech industry in 2013 is up approximately 40% from 2012. In addition,

the NASDAQ is up approximately 30% year-to-date, over 80% of tech IPOs have priced within

or above their filed ranges in 2013.

Our tech sector focus and long-time experience enable us to advise on the most complex

initiatives and finance critical business needs. Like you, we’re committed to delivering today’s

best solutions and relentlessly working to make them even better.

Selected 2013 transactions (YTD)

M&A

Equity

$24,400,000,000Has agreed to acquire Dell***

M&A Advisor

Pending

A consortium led by

$485,000,000Has agreed to sell its TV and ad distribution business to Extreme Reach***

M&A Advisor

Pending

$2,500,000,000Has acquired ExactTarget

M&A Advisor

July 2013

$1,200,000,000Has been acquired by TSYS

M&A Advisor

July 2013

$905,000,000Has been acquired by Vista Equity Partners

M&A Advisor

June 2013

$2,400,000,000Has acquired the Motorola Mobility Home business from Google

M&A Advisor

April 2013

$138,000,000Has acquired the AirCard business from Sierra Wireless

M&A Advisor

April 2013

$685,000,000Has been acquired by Western Digital

M&A Advisor

October 2013

$505,000,000Has agreed to acquire IBM’s customer care business process outsourcing busi-ness***

M&A Advisor

Pending

$603,000,000Has been acquired by Honeywell

M&A Advisor

September 2013

$2,700,000,000Has acquired Sourcefire

M&A Advisor

October 2013

$321,000,000Has been acquired by Western Digital

M&A Advisor

September 2013

$6,600,000,000Has been acquired by a private investor group led by Bain Capital and Golden Gate Capital

M&A Advisor

September 2013

$361,000,000Add-On Offering*

Joint Bookrunner

July 2013

$147,000,000Initial Public Offering*

Joint Bookrunner

June 2013


Joint Bookrunner

June 2013


Joint Bookrunner

June 2013

$270,000,000Senior Convertible Notes**

Joint Bookrunner

May 2013


Joint Bookrunner

September 2013


Joint Bookrunner

September 2013


Joint Bookrunner

September 2013

$1,400,000,000Add-On Offering*

Joint Bookrunner

September 2013


Joint Bookrunner

August 2013


Joint Bookrunner

August 2013


Joint Bookrunner

May 2013

$1,200,000,000Senior Convertible Notes**

Joint Bookrunner

March 2013

$201,000,000Senior Convertible Notes**

Joint Bookrunner

March 2013


Joint Bookrunner

March 2013


Joint Bookrunner

March 2013


Joint Bookrunner

September 2013

$1,050,000,000Has agreed to acquire The Active Network ***

M&A Advisor

Pending

$4,300,000,000Has agreed to acquire Blackberry ***

M&A Advisor

Pending

A consortium led by

$16,100,000,000Has agreed to merge with Omnicom***

M&A Advisor

Pending

$820,000,000Has agreed to acquire Six3 Systems***

M&A Advisor

Pending

Delivering powerful prime brokerage resources

from integrated financing to capital introductions

and securities lending. It’s how we connect capital

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prime territory

“ Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed. ©2013 Bank of America Corporation

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#1 Global Provider (all clients, weighted)*#1 Client Service*#1 Value*#1 Synthetic Finance Provider**

*Global Custodian Prime Brokerage Survey, 2013**ISF Synthetic Finance Survey, 2013

Global Prime BrokerageExpertise. Capital. Strength

The power of global connections

“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed.

These materials have been prepared by one or more subsidiaries of Bank of America Corporation for the client or potential client to whom such materials are directly addressed and delivered (the “Company”) in connection with an actual or potential mandate or engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with us. These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by us. We assume no responsibility for independent investigation or verification of such information (including, without limitation, data from third party suppliers) and have relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the managements of the Company and/or other potential transaction participants or obtained from public sources, we have assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such managements (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Company and are being furnished and should be considered only in connection with other information, oral or written, being provided by us in connection herewith. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Bank of America Corporation or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in connection therewith. These materials are for discussion purposes only and are subject to our review and assessment from a legal, compliance, accounting policy and risk perspective, as appropriate, following our discussion with the Company. We assume no obligation to update or otherwise revise these materials. These materials have not been prepared with a view toward public disclosure under applicable securities laws or otherwise, are intended for the benefit and use of the Company, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without our prior written consent. These materials may not reflect information known to other professionals in other business areas of Bank of America Corporation and its affiliates.

Bank of America Corporation and its affiliates (collectively, the “BAC Group”) comprise a full service securities firm and commercial bank engaged in securities, commodities and derivatives trading, foreign exchange and other brokerage activities, and principal investing as well as providing investment, corporate and private banking, asset and investment management, financing and strategic advisory services and other commercial services and products to a wide range of corporations, governments and individuals, domestically and offshore, from which conflicting interests or duties, or a perception thereof, may arise. In the ordinary course of these activities, parts of the BAC Group at any time may invest on a principal basis or manage funds that invest, make or hold long or short positions, finance positions or trade or otherwise effect transactions, for their own accounts or the accounts of customers, in debt, equity or other securities or financial instruments (including derivatives, bank loans or other obligations) of the Company, potential counterparties or any other company that may be involved in a transaction. Products and services that may be referenced in the accompanying materials may be provided through one or more affiliates of Bank of America Corporation. We have adopted policies and guidelines designed to preserve the independence of our research analysts. These policies prohibit employees from offering research coverage, a favorable research rating or a specific price target or offering to change a research rating or price target as consideration for or an inducement to obtain business or other compensation. We are required to obtain, verify and record certain information that identifies the Company, which information includes the name and address of the Company and other information that will allow us to identify the Company in accordance, as applicable, with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) and such other laws, rules and regulations as applicable within and outside the United States. 08-13-0773

We do not provide legal, compliance, tax or accounting advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by us to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. If any person uses or refers to any such tax statement in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the statement expressed herein is being delivered to support the promotion or marketing of the transaction or matter addressed and the recipient should seek advice based on its particular circumstances from an independent tax advisor. Notwithstanding anything that may appear herein or in other materials to the contrary, the Company shall be permitted to disclose the tax treatment and tax structure of a transaction (including any materials, opinions or analyses relating to such tax treatment or tax structure, but without disclosure of identifying information or, except to the extent relating to such tax structure or tax treatment, any nonpublic commercial or financial information) on and after the earliest to occur of the date of (i) public announcement of discussions relating to such transaction, (ii) public announcement of such transaction or (iii) execution of a definitive agreement (with or without conditions) to enter into such transaction; provided, however, that if such transaction is not consummated for any reason, the provisions of this sentence shall cease to apply. ©2013 Bank of America Corporation 08-13-0773

The Prime Broker that connects you to infinite possibilities.

�Market leading prime brokerage & clearing services

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John Smith, Vice President

Bank of America 123456, 900 Third Avenue, New York, NY 10022 T 555 555 5555 T 555 555 5555 [email protected]

John Smith, Vice President

Bank of America 123456, 900 Third Avenue, New York, NY 10022 T 555 555 5555 T 555 555 5555 [email protected]

*All clients, weighted

Bags

PORTFOLIO | MARY MCBRIDE | EVENTS

BLOOMBERG INTERNAL AGENCY

Marketing event materials produced

for FX12—The Bloomberg Summit,

including posters, banners,

lanyards, notebooks, invitations,

bags, holding slides, and the style

guide to go with them.

FX12THE BLOOMBERG SUMMITSTRATEGIES IN CONTEXT //WEDNESDAY, NOVEMBER 14, 2012731 LEXINGTON AVENUENEW YORK, NY 100224:30-7:30PM

Notebook Cover

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WHERE WILL THE NEW IDEAS IN FX COME FROM IN 2013?

WELCOME TO FX12—THE BLOOMBERG SUMMIT

It’s a volatile world, indeed, in which we live and work. I’m confident that today’s agenda will leave you with the perspective you need to remain on top of market developments and ahead of the competition.

Clearly, the crisis in Europe continues to roil the currency markets as global leaders struggle to bring financial stability to the continent. The future of the Euro is in flux as the politicking around the 17-nation currency continues without resolution.

From currency wars and protectionism to global economic imbalances and political wrangling, FX12—The Bloomberg Summit offers analysis of the key factors driving the global FX markets and aims to bring clarity to investors navigating this ever-evolving market.

Some of the questions we’ll explore today include:

» Will the euro see parity with the dollar? » What is the outlook for developed-nation currencies vs. emerging market

currencies? » Where is the flight to safety? » How are investors playing gold? » How are politics playing into the global currency markets?

Have a productive conference.

Tod Van NameGlobal Business ManagerForeign Exchange, Economics and CommoditiesBloomberg L.P.

WELCOME//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

PROGRAM AGENDA//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

2:30 – 3:00PM PARTICIPANT CHECK-IN

3:00 – 3:05 WELCOME & OPENING REMARKS

Tod Van Name, Global Business Manager for Foreign Exchange, Economics and Commodities, Bloomberg L.P.

Emcee: Manus Cranny, Presenter, Bloomberg Television

3:05 – 3:30 THE GREAT DEBATE: THE FUTURE OF THE EURO & THE FX MARKETS

The Euro crisis is far from resolved as political debate continues; nevertheless, the Euro has held its ground. How is uncertainty in the Eurozone impacting the FX markets? Central bank intervention has been a common feature, but as the policy toolkit is exhausted, what does the FX market look like? What is the assessment of ECB’s moves in managing the crisis? Where is the flight to safety? What is the future of the Euro? Will there be closer European integration? What is the fallout from an exit from the European Union?

Speakers: Jørgen Elmeskov, Deputy Chief Economist, Organisation for Economic Co-operation and Development (OECD)

Steven Englander, Managing Director, Head of G10 FX Strategy, Citigroup Inc.

Thomas Kressin, SVP and Head of European Foreign Exchange Desk, PIMCO

Interviewed by: Mark Gilbert, London Bureau Chief, Bloomberg News

3:30 – 4:00 CURRENCY WARS: BATTLE OF THE WEAKEST

Two years after Brazil’s finance minister accused the U.S., Japan and Europe of sparking a currency war, foreign-exchange rates remain at the center of global trade tension. What are the downsides as well as the advantages of so-called competitive devaluation for the greenback and its status as the world’s reserve currency?

Speakers: Antulio N. Bomfim, Senior Managing Director, Co-Head of Monetary Policy Insights, Macroeconomic Advisers, LLC; Former Senior Economist, The Federal Reserve

James G. Rickards, Partner and COO, JAC Capital Advisors LLC; Author, Currency Wars: The Making of the Next Global Crisis

Thomas J. Sowanick, Co-President and CIO, Omnivest Group, LLC

Interviewed by: Paul Dobson, FX/Government Bonds Team Leader, Bloomberg News

4:00 – 4:30 KEYNOTE: OUTLOOK FOR THE FX MARKETS

The crisis in Europe has infused volatility in the currency markets as global leaders struggle to bring financial stability to continent. The future of the 17-nation currency is in flux as the politicking around euro exits and bailouts continues without resolution. What is the FX market outlook in an environment of high volatility and uncertainty in the global markets? What are the fundamentals driving the currency markets?

Jim O’Neill, Chairman, Goldman Sachs Asset Management (GSAM)

Interviewed by: Tom Keene, Editor-at-Large, Bloomberg News; Co-Host, “Bloomberg Surveillance,” Bloomberg TV & Radio

4:30 – 4:40NETWORKING BREAK

4:40 – 5:05REGULATION’S HAND IN THE MARKETS

Regulation and financial reform have dominated headlines, as the final text of EMIR is published what does this mean in practice for FX derivatives and will it increase transparency and reduce risk? FX is a global market and regulation has come from all fronts, has this opened the opportunity for regulatory arbitrage? What is the legacy of the LIBOR scandal and what will be the policy outcome?

Speakers: Lena Komileva, Managing Director, Chief Economist, G+ Economics Limited

Hans Redeker, Managing Director, Global Head of FX Strategy, Morgan Stanley

Simon Sole, Chief Executive Officer, Exclusive Analysis

Interviewed by: Manus Cranny, Presenter, Bloomberg Television

5:05 – 5:15 TECHNOLOGY, AT THE CORE OF THE FX MARKET

Technology has changed the FX market with the preeminence of electronic trading and real time data. Furthermore, events like the flash crash or the recent Knight capital technology failure have also highlighted its dangers. Within this context this session will evaluate how technology is set to shape the FX market in the future, looking at the risks and highlighting the opportunities both in trading and in discovering new insights.

Stanley Young, CEO, Enterprise Products and Solutions, Bloomberg L.P.

5:15 – 5:40EMERGING MARKETS & THE SEARCH FOR YIELD

Since 2008 emerging markets have been the silver lining, however, the biggest economies including China and India have slowed down. What are the implications on the FX Market? How is Asia supporting the euro?

Speakers: Bernd Berg, Global Emerging Markets FX Strategist, Credit Suisse AG

David Hauner, Head of EEMEA Fixed Income Strategy and Economics, Bank of America Merrill Lynch Global Research

John F. Normand, Managing Director and Head of Global FX Strategy, J.P. Morgan

Interviewed by: David Powell, Senior Economist, Bloomberg L.P.

5:40 – 6:05 THE FX HEDGE: FX STRATEGIES AROUND UNCERTAINTY, RISK & VOLATILITY

The debt crisis has been a drag on the strength of the euro. How are managers playing both sides of the European debt crisis? Where are the short and long opportunities? How are investors weighting Europe in their portfolio? What are the implications of volatility and the challenges of pricing liquidity? How much is political process infusing volatility into the markets? How are investors playing volatility and getting an edge in market swings?

Speakers: Maria Heiden, Investment Advisory, Currency & Commodity Overlay, Berenberg Bank

Frances Hudson, Global Thematic Strategist, Standard Life Investments Limited

Additional Speaker to be Announced

Interviewed by: Nicholas Dunbar, Editor, Bloomberg Brief: Risk, Bloomberg Professional

6:05 – 6:30 POSITIONING FOR BLACK SWAN EVENTS

Global Imbalances have been far from resolved and currency wars are still a potential threat. This environment has opened new opportunities in the market as investors look for new safe havens, currencies like the Canadian and Aussie Dollar, as well as in the Danish Kroner have been in demand – is this a long lasting trend? What are other considerations? Non-BRIC countries have also had time to shine, as is the case of the Turkish Lira. In addition, a continent which has been growing has been Africa, what can the South Africa Rand offer? Are there other opportunities in emerging markets? How are investors positioning for big events and volatility?

Speakers: Brendan Brown, Executive Director and Head of Economic Research, Mitsubishi UFJ Securities International plc

Geoffrey Kendrick, Head of G10 FX Strategy, EMEA, Nomura International Plc

Bob Savage, Chief Executive Officer, Track Research

Interviewed by: Tom Keene, Editor-at-Large, Bloomberg News; Co-Host, “Bloomberg Surveillance”, Bloomberg TV & Radio

6:30 CLOSING REMARKS

6:30 – 7:30 COCKTAILS & CONVERSATION

//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

MARK GILBERTLondon Bureau Chief Bloomberg News

Mark Gilbert is London bureau chief and a columnist on global capital markets for Bloomberg News, and has been with the company since 1991. Mark was born in Liverpool and graduated from Kings College, Cambridge in 1989 with a BA Hons in Philosophy. He was nominated as a finalist in the Commentary category of the U.K. 2006 Business Journalist of the Year awards, and holds a Malcolm Forbes Award for Best Business Story from the Overseas Press Club of America. Mark is the author of Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable.

DAVID HAUNERDavid Hauner is head of EEMEA Fixed Income Strategy and Economics at BofA Merrill Lynch Global Research. He is responsible for the macroeconomic outlook of Emerging Europe, Middle East and Africa, as well as exchange rate forecasts and trading recommendations in foreign exchange and local and hard-currency debt across these regions.

He joined BofA Merrill Lynch as head of EEMEA Economics and FX Strategy in 2008. Prior to that, he was an economist at the International Monetary Fund (IMF) covering EEMEA. At IMF, he published research papers on a wide range of policy issues in emerging markets professional journals, including the Journal of Banking and Finance, the Oxford Bulletin of Economics and Statistics and the Journal of Development Economics.

Hauner received a doctorate in economics from the University of Vienna, a master’s degree in international policy studies from Stanford University and is also a CFA charterholder. He is fluent in German.

MARIA HEIDENInvestment Advisory, Currency&Commodity Overlay Berenberg Bank

Maria Heiden studied Financial Mathematics at Technical University in Braunschweig and Munich. Prior to working at Berenberg, she worked for Deutsche Bank AG in both Germany and Singapore and Risklab Germany GmbH, a subsidiary of Alliance Global Investors. Maria set up and later headed the currency trading desk at Varengold Investment Bank.

Maria joined Berenberg Bank Asset Management as a specialist in Currencies and Commodies working within the Investment Advisory Team. In her current role she has responsibility over mandates covering both managed accounts and mutual funds.

Maria contributed a chapter to the publication “The Handbook of Commodity Investing” and published a book “Managed Futures” detailing the use of quantitative solutions in investment markets.

FRANCES HUDSONGlobal Thematic Strategist, Multi-Asset Investing Standard Life Investments Limited

Frances Hudson is the Global Thematic Strategist within the multi-asset investment team at leading global fund manager Standard Life Investments. She joined the strategy team as an investment director in 2001 and is responsible for the development and articulation of thematic ideas, investment insights and market analysis.

Twenty-five years of investment experience includes stockbroking, investment analysis, consultancy assignments in equity derivatives and quantitative methods and the development of offshore investment services. She managed diversified portfolios (cash, equity, bond, private equity and hedge funds).

Graduate of Oxford University (MA Hons), Warwick Business School (MBA) and Chartered Fellow of the Chartered Institute for Securities & Investment.

SPEAKER PROFILES//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

T-shirts

PORTFOLIO | MARY MCBRIDE | BRANDING CAMPAIGN

MORGAN STANLEY

MARKETING

Marketing materials produced for

the firm’s microfinance group and

its loan portfolios. Microfinance

remains a part of the firm’s social

finance initiative.

Recruiting brochure produced to

conform with revised branding

standards.

MORGAN STANLEY BROADENS

THE MARKET

Morgan Stanley has intermediated some $210 million of microfinance debt through two groundbreaking transactions. These helped establish microfinance securitisation as an asset class and broadened its appeal to mainstream institutional investors.

MORGAN STANLEY MICROF INANCE

INST ITUT IONS GROUP

A full range of services to microfinance institutions

A diverse group based in London and New York, the Morgan Stanley microfinance team includes profession-als with experience in mergers and acquisitions, initial public offerings, structured finance, credit risk manage-ment, investment management, global capital markets and private wealth management. They have had direct involvement in development finance, especially within microfinance in Latin America, Africa and Asia. Just as important, the group also provides access to other Morgan Stanley services worldwide.

WHY WE ENTERED THIS BUSINESS

First, among many compelling reasons, Morgan Stanley sees microfinance as an opportunity to apply our firm’s strengths to add commercial value in an emerging global business. We also see it as a culturally positive effort, which reinforces our reputation as an innovator and responsible global citizen at a time when investors are paying attention to social as well as financial returns. And because of the high degree of interest in microfinance today, our involvement helps us attract and retain the best financial talent.

WHAT IS MICROF INANCE?

The microfinance industry aims to provide financial services in developing countries to micro-entrepreneurs who otherwise would not have access to the mainstream financial system. Services include loans, deposits and insurance as well as remittances. The present microfinance industry has its roots in Bolivia, Brazil and Bangladesh in the 1970s and has since expanded

throughout Latin America, the Indian subcontinent, Eastern Europe, Central Asia and Africa.

Even before the 2006 Nobel Peace Prize award to microcredit pioneers Muhammad Yunus and the Grameen Bank affirmed its value for economic development, the industry’s perfor-mance had begun to attract private- sector investor interest.

TRANSACT ION SNAPSHOT *

Deals Priced

BLUE ORCHARD LOANS FOR

DEVELOPMENT (BOLD) 2006 :

The first microfinance-backed collateralised loan obligation (CLO) transaction arranged by an investment bank

$99.2 million equivalent funded 21 microfinance institutions (MFIs) in 13 countries

Substantial part of the portfolio provided in local currencies including Mexican Pesos, Colombian Pesos and Russian Rubles as well as USD and EUR

BLUE ORCHARD LOANS FOR

DEVELOPMENT (BOLD) 2007 :

The first microfinance transaction in the international capital markets to be rated by a mainstream agency (S&P)

$110.2 million equivalent funded 20 MFIs in 12 countries

Expanded local currency offering included Peru and Mongolia

Private investors in all tranches, including the equity tranche

PIPEL INE AND BUSINESS

DEVELOPMENT: With the launching of the Microfinance Institutions Group (MFIG), we will be working on transactions in the following areas among others:

Principal and agency debt transactions

Private equity funds for direct and indirect investments

Stimulating liquidity and mobility in microfinance equity

Theme-related capital markets products (water, housing, renewable energy)

.

.

.

.

.

.

.

.

.

F I X E D I N C O M E

Collateralised Loan Obligations

Syndicated Loans

Asset Securitisations

Bond Issues

Foreign Exchange

E Q U I T Y

Arranging Public Equity

Private Equity Investment in MFIs

and MFI-Related Funds

Creation and Distribution of Funds

A D V I S O R Y

Mergers and Acquisitions

Initial Public Offerings

Corporate Finance Advice

Advice on Improving Credit Ratings

N E W P R O D U C T D E V E L O P M E N T

Housing

Water/Sanitation/Health

Environmental (e.g., Solar)

Hedging/Insurance

MORGAN STANLEY MICROF INANCE INST ITUT IONS GROUP

CLIENT

ACCESS TO OTHER MORGAN STANLEY SERVICES

A S S E T M A N A G E M E N T

Private Wealth Management

Morgan Stanley Investment Management

Alternative Investments

(Private Equity, Venture Capital, Real Estate Funds)

S A L E S A N D T R A D I N G

Equities

Fixed Income

Futures and Options

Commodities

Foreign Exchange

Risk Management

G L O B A L R E S E A R C H

Economics and Politics

Investment Strategy

Equity Research

Fixed-Income Research

Currency Research

I N V E S T M E N T B A N K I N G

Corporate Finance

Mergers and Acquisitions

Merchant Banking and Venture Capital

Real Estate

InstitutionalInvestors

PrivateInvestors

Firm’s Own Book

Debt Investors


PrincipalInvestments Securitisations

Investment Management

Investment Banking

Prime Brokerage

Debt CapitalMarkets

ProprietaryTrading

Retail

Ultra High Net WorthIndividuals

Retail Customers

Buy Equity Stakes in MFIs, e.g.

Buy MFI Loan Portfolios, e.g.

Corporate Bond Investors, Syndicated Loans, etc.

Asset-BackedInvestors

Hedge Funds

PrivatePlacements,M&A, IPO, etc.

Pension Funds, Large Foundations, etc.

BROAD ACCESS TO INVESTORS

Our Microfinance Institutions Group can give clients access to the full spectrum of Morgan Stanley investors, from wealthy individuals to institutional investors or the Firm’s own portfolio.

* As of October 2007

Microfinance Institutions Group

INSTITUTIONAL SECURITIES

Helping to move microfinance forward

Biographies


Neal Shear Co-Head of Institutional Sales and Trading and member of Morgan Stanley’s Management Committee

Neal Shear joined Morgan Stanley in 1982 to start its commodities business. He was head of Global Commodities from 1987 through

2005, when he was appointed to Co-Head of Institutional Sales and Trading.

Ellen Brunsberg Head of the Securitised Products Group in Europe Ellen Brunsberg, who joined Morgan Stanley in 1980, has championed the Firm’s microfinance efforts via its original asset-backed loan transac-tions. Ellen was one of the pioneers of the Firm’s

asset-backed securitisations business in Europe and has been head of SPG Europe since 2004.

Ian CallaghanHead of the Microfinance Institutions Group

Ian Callaghan led Morgan Stanley’s first two microfinance transactions, which raised $210 million in 2006/2007. Prior to this, he has been involved in the area of financing for small- and medium-sized enterprises, including public/

private development finance for SMEs in financially disadvantaged communities. His earlier banking career included the initial financing of the Channel Tunnel transport link between Britain and continental Europe. He was born and brought up in West Africa, where his parents lived for 25 years.

Contact: +44 20 7677-5154; [email protected]

Christian NovakDebt Products

Christian Novak has over 15 years of investment banking experience, mostly working in credit risk management and structured financing/capital markets. Prior to joining the group, he led the Latin American coverage team in the Firm’s

Credit Risk Management division. He is a former member of the Advisory Board of Fondo de Inversión Social (FIS) as well as co-founder and former board member of two foundations aimed at implementing sustainable development projects in Argentina (Fundación Cruzada Argentina and Fundación Makro).


Shawn Murphy Equity and Advisory Products Shawn Murphy leads the equity and advisory- related efforts of the group, including private equity funds, principal investments in MFIs, M&A, IPO and capital structure advice to players within the industry. She spent over eight years in Private Wealth

Management, where she held various roles in New York, Boston and London and helped launch the private wealth division in New England. Shawn relocated to London in 2004 to act as risk manager across Europe, the Middle East and Asia. Shawn brings firsthand experience to microfi-nance, in particular with a start-up microfinance company in Tanzania, and sits on the steering committee of the Microfinance Club UK.


Henry Gonzalez Coverage and Business Development Henry Gonzalez joined the team after working in Private Wealth Management’s Central America practice. Prior to that, he worked for the Global Exchange for Social Investment (GEXSI) in London, and for the United Nations Development

Program (UNDP) in San José, Costa Rica, which he joined after working for the World Bank. Earlier he was the Chief of Staff to the Minister of Agriculture in his home country, Costa Rica, and served as a Legislative Advisor to a member of the Costa Rican Assembly. He is a founding member of the Wall Street Microfinance Alliance.


Senior sponsorship and management of Morgan Stanley’s microfinance efforts are provided by Neal Shear and Ellen Brunsberg. To deliver its cross-divisional capabilities, the group is assisted by an advisory board of Managing Directors from several divisions of the Firm.

GrowinG demand in a prof itable business

PERU

Esperanza, a mother of six, is an

active client of the microfinance

network, Pro Mujer, working in the

informal markets of Southern Peru.

She takes small loans when sales

are slow and larger loans when

sales are flourishing. With this

financial security, Esperanza can

offer a greater variety of fruits to her

customers and sells several boxes

of fruit each week. Her weekly

income has more than quadrupled.

Esperanza can now better provide

for her children–her oldest daughter

attends private school.

Story and photo courtesy of

Pro Mujer International

INDIA

Sumitra runs a small bottle cap

recycling business in Gujarat, India.

She received several loans from the

Vikas Center for Microfinance

Development, a network member of

Women’s World Banking, to cover the

cost of six bottle-cap straightening

machines plus working capital.

Sumitra’s profitable business has

enabled her to greatly improve the

living conditions of her employees

and her own family. Currently, she is

helping her son start his own business,

as well as financing her daughter’s

college education.


Women’s World Banking

BENIN

Fatouma began selling vegetables

when she was just five, working

alongside her mother in a crowded

market in the poor West African country

of Benin. When she grew up, Fatouma

inherited the stall. She received a loan

from PADME, an ACCION International

partner, to buy vegetables in bulk,

boosting her earnings. A second loan

allowed her to buy more inventory,

increasing profits that have brought

big changes. Before, she struggled

to support her three children.

Today, two of them are in school,

with the youngest soon to follow.

Story courtesy of ACCION International

Photo: Rohanna Mertens for ACCION.

The case studies provided herein relate to clients of selected MFIs and are based on information

provided by the cited MFIs or institutions. The individual clients and the related MFIs have not been

funded through instruments provided, arranged or intermediated by Morgan Stanley.

Morgan Stanley is ready to assist promising microfinance institu-tions worldwide. Their clients are typically self-employed, mostly women and often operat-ing household-based enterprises. In rural areas they may be artisans, small farmers, food processors or traders; urban microfinance clients are more

diverse and, in addition to artisans, include shopkeepers and service providers.

The potential for growth is enor mous. With 100 million borrowers to date and a total outstanding loan portfolio of some $17 billion, microfinance has already shown a 30% average annual portfolio

growth rate and average return on equity of 39%. A global market of 1.5 billion “working poor” (families living on less than $2 per day) could be clients for microfinance services. Research suggests a potential growth of 15 times, to an industry of $250– $300 billion.

Biographies






















GrowinG demand in a prof itable business

PERU

Esperanza, a mother of six, is an

active client of the microfinance

network, Pro Mujer, working in the

informal markets of Southern Peru.

She takes small loans when sales

are slow and larger loans when

sales are flourishing. With this

financial security, Esperanza can

offer a greater variety of fruits to her

customers and sells several boxes

of fruit each week. Her weekly

income has more than quadrupled.

Esperanza can now better provide

for her children–her oldest daughter

attends private school.


Pro Mujer International

INDIA

Sumitra runs a small bottle cap

recycling business in Gujarat, India.

She received several loans from the

Vikas Center for Microfinance

Development, a network member of

Women’s World Banking, to cover the

cost of six bottle-cap straightening

machines plus working capital.

Sumitra’s profitable business has

enabled her to greatly improve the

living conditions of her employees

and her own family. Currently, she is

helping her son start his own business,

as well as financing her daughter’s

college education.


Women’s World Banking

BENIN

Fatouma began selling vegetables

when she was just five, working

alongside her mother in a crowded

market in the poor West African country

of Benin. When she grew up, Fatouma

inherited the stall. She received a loan

from PADME, an ACCION International

partner, to buy vegetables in bulk,

boosting her earnings. A second loan

allowed her to buy more inventory,

increasing profits that have brought

big changes. Before, she struggled

to support her three children.

Today, two of them are in school,

with the youngest soon to follow.

Story courtesy of ACCION International

Photo: Rohanna Mertens for ACCION.

The case studies provided herein relate to clients of selected MFIs and are based on information

provided by the cited MFIs or institutions. The individual clients and the related MFIs have not been

funded through instruments provided, arranged or intermediated by Morgan Stanley.

Morgan Stanley is ready to assist promising microfinance institu-tions worldwide. Their clients are typically self-employed, mostly women and often operat-ing household-based enterprises. In rural areas they may be artisans, small farmers, food processors or traders; urban microfinance clients are more

diverse and, in addition to artisans, include shopkeepers and service providers.

The potential for growth is enor mous. With 100 million borrowers to date and a total outstanding loan portfolio of some $17 billion, microfinance has already shown a 30% average annual portfolio

growth rate and average return on equity of 39%. A global market of 1.5 billion “working poor” (families living on less than $2 per day) could be clients for microfinance services. Research suggests a potential growth of 15 times, to an industry of $250– $300 billion.

Transaction HighlightsBOLD 2006

Funding per Country

$99.2 MM Total Loan Portfolio

AChievements

BOLD 2006 achieved the first truly commercial placing of bonds backed

by loans to microfinance institutions, funding 21 microfinance institutions

in 13 countries worldwide

In another “first,” some loans to the MFIs of the portfolio were given in

local currencies: Mexican Pesos, Colombian Pesos and Russian Rubles

as well as USD and EUR

FeAtures

Two classes of notes, no amortisation before Year 5

Interest paid on quarterly basis in arrears

First interest payment date on 26 June 2006

Reserve Fund target level at 2% of original Class A and B Note balance

Class B Notes were underwritten by the Netherlands Development

Finance Company (FMO)

BOLD 2006 was the first Microfinance

CLO transaction arranged by an

Investment Bank

Morgan Stanley acted as Sole Arranger

and Class A Notes Placement Agent

Servicer and Sponsor of the transaction

is Geneva-based BlueOrchard

Finance S.A.

CApitAl struCture

Class Currency Size Couponor %ofNotes Credit (MM) Pricing Enhancement

A1 EUR 32.9 3m EUR + 75 bps 40% 28%

A2 GBP 14.0 5.586% 25% 28%

A3 USD 7.0 6.017% 7% 29%

B USD 28.0 NA 28% NA

Total $99.2MM1 100%

1. $-Equivalent

.

.

.

.

.

.

.

.

.

.

M I C R O F I N A N C E I N S T I T U T I O N S G R O U P

4% Russia

10% Georgia

2% Albania

7% Mongolia5% Cambodia

8% Eucador

13% Peru

4% Bosnia

11% Nicaragua

17% Colombia

13% Bolivia

2% Mexico

4% Azerbaijan

Biographies






















PORTFOLIO | MARY MCBRIDE | RECRUIT ING CAMPAIGN

MORGAN STANLEY CAMPUS RECRUITING

Getting Started

Spring inSight Summer AnAlySt AnAlySt induStriAl plAcementS Off-cycle internShipS

Credit Risk

Equity Research

Finance

Global Capital Markets*

Investment Banking

Investment Management

Merchant Banking

Operations

Prime Brokerage


Sales & Trading

Technology

hOw tO Apply

Visit www.morganstanley.com/careers to learn more

and to complete an application for one of the following programmes

by these deadlines:

Analyst Programme 12 November 2010

Industrial Placement Programme 31 December 2010

Insight Programme 31 December 2010

Summer Associate Programme 31 January 2011

Summer Analyst Programme 31 December 2010

Off-cycle Internship Programme Ongoing

Spring Insight Programme 31 December 2010

Full-time Quantitative Finance Programme Ongoing

Summer Quantitative Finance Programme 31 December 2010

Applications can be submitted from September 2010 and will be reviewed as they are received. We encourage candidates to apply early.

The people here are brilliant. They want you to succeed.

www.morganstanley.com

l e A r n m O r e A n d A p p ly A t w w w . m O r g A n S t A n l e y . c O m / c A r e e r S

It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, gender, gender identity, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy (including unlawful discrimination on the basis of a legally protected pregnancy/maternity leave), veteran status, or any other characteristic protected by law.© 2010 Morgan Stanley

*GCM hires through the Investment Banking programme

Since its foundation in 1935, Morgan Stanley has been at the forefront of innovations which helped to

shape the course of modern finance. Our pioneering role in the global expansion of the financial

services industry, together with our geographic scope, deep understanding of markets and long

experience meeting client needs, have not only made us a leader in providing the finest in financial

thinking and products but has also given our recruits an unrivalled global platform for their careers.

Your Opportunity

culture

Morgan Stanley’s mission is to

build a community of talent that can

deliver the finest financial thinking,

products and execution in the world.

Our people come from a wide variety

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all are high achievers who share

integrity, intellectual curiosity and

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responsibility early, so they can soon

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Morgan Stanley seeks to give

something back to the communities

where we live and work, and to

use our talents and resources

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The Morgan Stanley International

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Morgan Stanley provides an exciting

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MECHJOB INFORMATION

PROJ. NO.: 6413830

JOB NAME: EMEA Recruitment Folder

DESCRIPTION:Oversized A4 cover with non capacity ppocket

CLIENT NAME: Hopp, EmilyPROJECT MGR.: Wright, SimonCOST CENTER: 7054

DUE DATE: FRIDAY, 08/19/10

SPECIFICATIONSTRIM SIZE: 215mm x 302mm

FINISHED SIZE: 455.353mm × 382.518mmBLEED: 0.125"

BINDERY: Score and fold, one glue flapINK: 4CP

PANTONE #: N/A

MODIFIED BYTH 08.19, BK 08.27.10, BK 08.30.10

NOTES

APPROVALS

CREATIVE DIR.:

PROJECT MGR.:

PROOFREADER:

CLIENT:

CREATIVE SERVICES1221 Avenue of the Americas, 3rd FloorNew York, NY 10020

m3FILENAME: 6413830_EMEA_RecruitingFolder_Cover_m3 LAST MODIFIED: August 30, 2010 10:57 AM

Culture. Community. Careers.


20 Bank Street, Canary Wharf London E14 4AD England

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inspires people to be their

best—and always finds new

opportunities to offer them.

We have a distinguished

history of serving clients for

over 75 years, and envision an

even more spectacular future.

We’re proud of our heritage,

and strive to be constantly

inventive and forward-looking

to create new opportunities for

people coming into the firm.

PORTFOLIO | MARY MCBRIDE | RECRUIT ING CAMPAIGN

MORGAN STANLEY CAMPUS RECRUITINGtaRGeted RecRuitinG - MoRGan Stanley

Morgan Stanley is an equal opportunity/affirmative action employer committed to workforce diversity. (M/F/D/V) © 2009 Morgan Stanley

Day 1: Recruit Your Team

Day 2: Play the Markets

Join the Portfolio in Peril CompetitionAssemble your team and test your skills playing the market in our simulated asset allocation strategy game. Eleven teams of 6–8 students from UK target universities will compete for prizes and the chance to work shadow for a day in Morgan Stanley’s London office. To apply, students must:

• Submit a CV • Write a 200-word statement explaining why you should represent

your university and listing the skills you would bring to the team

For more information and to register, visit: www.morganstanley.com/XXX

Mark Your CalendarsMarch 15, 201025 Cabot SquareLondon

Join us for an Open Day Come and meet Morgan Stanley this summer at our Open Day in the London office. Year 12 and 13 students can gain an insight into the fast-paced atmosphere of Morgan Stanley and tour the trading floor, attend business presentations with our various divisions, and interact with Morgan Stanley employees from across the firm.

To apply, please e-mail your CV and cover letter quoting “August” to [email protected] by 23rd July 2010.

Mark your calendarsYear 12 & 13 Open DayTuesday 10th August


Application DeadlineDate to come here


Connect with opportunities in your Gap YearAt Morgan Stanley, solving complex challenges and fueling economic growth across continents is what we do. We offer you a structured path to success and the opportunity to make a real difference—and we’ll provide you with the training, mobility, and responsibility to succeed. If you have the perspective to face today’s global challenges, we’d like to talk to you.

To find out more about career opportunities at Morgan Stanley and to hear from recent hires visit: www.morganstanley.com/careers/PiP

Join us for an Open Day Come and meet Morgan Stanley this summer at our Open Day in the London office. Year 12 and 13 students can gain an insight into the fast-paced atmosphere of Morgan Stanley and tour the trading floor, attend business presentations with our various divisions, and interact with Morgan Stanley employees from across the firm.






Join us for an Open Day Come and meet Morgan Stanley this summer at our Open Day in the London office. Year 12 and 13 students can gain insight into the fast-paced atmosphere of Morgan Stanley and tour the trading floor, attend business presentations with our various recruiting divisions, and interact with Morgan Stanley employees from across the firm.


Portfolio in Peril Competition Morgan Stanley will be hosting a Portfolio in Peril competition. We are looking to form 11 university teams (6–8 students per team) from across UK target universities. The winning team will get a prize and the opportunity to work shadow at Morgan Stanley for a day. To apply students must:

• Submit a CV • Include a 200-word statement on why they merit representing their university and how

they would complement it

To find out more about career opportunities at Morgan Stanley and to hear from recent hires visit: www.morganstanley.com/careers

Mark Your CalendarsMarch 15, 201025 Cabot SquareLondon


Day 1: Recruit Your Team

Day 2: Play the Markets

Join the Portfolio in Peril Competition Assemble your team and test your skills playing the market in our simulated asset allocation strategy game. Eleven teams of 6–8 students from UK target universities will compete for prizes and the chance to work shadow for a day in Morgan Stanley’s London office. To apply, students must:

• Submit a CV • Write a 200-word statement explaining why you should represent your university

and listing the skills you would bring to the team

For more information and to register, visit: www.morganstanley.com/XXX

PORTFOLIO | MARY MCBRIDE | BRANDING CAMPAIGN

MORGAN STANLEY REBRANDING CAMPAIGN

Participated in Firmwide

Marketing’s rebrand of the

Morgan Stanley logo—helping to

adapt and implement new brand

standards, templates, and executing

the first marketing campaign

release to the business units.

• Collaborated on brand book

• Executed initial marketing

campaigns with new brand

standards.

• Conceived and executed culture

piece using Morgan Stanley’s

mission statement

Our mission is to deliver the finest financial thinking, products and execution in the world.



Morgan Stanley is an equal opportunity employer and does not discriminate on the basis of race, color, religion, age, gender, gender identity, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy (including unlawful discrimination on the basis of a legally protected pregnancy/maternity leave), veteran status, or any other characteristic protected by law. Morgan Stanley complies with applicable federal, state and local laws prohibiting discrimination in employment in every jurisdiction in which it maintains facilities. Morgan Stanley also provides reasonable accommodation to individuals with disabilities in accordance with its obligations under applicable law.

Mixed SourcesProduct group from well-managed forests, controlled sources andrecycled wood or fiber

Cert no. XXXXXXXXwww.fsc.org© 1996 Forest Stewardship Council

Connect with opportunities worldwideL e a rn m o re a n d a ppLy at w w w. m o r g a n s ta n L e y.c o m / c a re e rs / re c ruit in g

Investment Banking

Our mission is to deliver the finest financial thinking, products and execution in the world.

Do the right thing

Global WEalth ManaGEMEnt Global Presentation Video

for use in computers

L E A R N M O R E A B O U T M O R G A N S T A N L E Y

For more than 70 years Morgan Stanley has had one mission: to offer our clients the finest in financial thinking, products and execution. Through our Financial Advisors, we help individual clients to benefit from the same global access and innovation we provide to corporations, governments and institutional investors.

Morgan Stanley’s worldwide presence and deep understanding of the financial markets mean you can bring your clients opportunities they won’t find anywhere else. And our flexible, entrepreneurial approach to helping you build your business creates an unsurpassed platform for your success.

We are committed to being the employer-of-choice for the top Financial Advisors in the industry, and we invite you to join us.



Morgan Stanley is an equal opportunity employer and does not discriminate on the basis of race, color, religion, gender identity, sexual orientation, national origin, age, citizenship, disability, marital status, pregnancy, veteran status or any other characteristic protected by law. Morgan Stanley complies with applicable federal, state and local laws prohibiting discrimination in employment in every jurisdiction in which it maintains facilities. Morgan Stanley also provides reasonable accommodation to individuals with disabilities in accordance with its obligations under applicable law.

An opportunity for your clients and for you.

MS HOME PAGE - MORGAN STANLEY

PORTFOLIO | MARY MCBRIDE | PHOTO RESEARCH

MORGAN STANLEY PHOTO RESEARCH


Investing in the FutureFor 75 years, we’ve dedicated our Firm’s financial and intellectual resources toward the betterment of our local and global communities. |







PORTFOLIO | MARY MCBRIDE | PRO BONO INVITATIONS

EVENTS

T H E F O u N D AT I O N F O R T H E

P u B L I C S C H O O L S O F T H E TA R R y T O w N S

I N V I T E S y O u T O T H E

1 6 T H A N N u A L D I N N E R D A N C E & A u C T I O N

S AT u R D Ay, A P R I L 2 4 , 2 0 1 0

A N

inVitation

T O A

celeBration

PORTFOLIO | MARY MCBRIDE | ANNUAL REPORT

ANNUAL REPORT – NRDC/THE NATURAL RESOURCES DEFENSE COUNCIL

NRDC gratefully acknowledges

the donors listed on the follow-

ing pages for their critical sup-

port of our environmental work

during our 2002 fiscal year

(July 1, 2001, through June 30,

2002). Whether sustaining our

core operating programs, pro-

viding for our long-term capital

needs, or supplying seed

money for new initiatives, these

donors enable NRDC to defend

the Earth. They made the

achievements of this past year

possible, and we thank them

for their exceptional leadership

and generosity.

Chair’s Circleindividuals and donor-advised funds providing giftsof $25,000 or more in supportof nrdc’s programs:

Nancy Abraham and Arnold MossAqua Fund of the Tides

FoundationARIA FoundationThe Atlantic PhilanthropiesThe Barkley FundPatricia Bauman and

John L. BryantStephen L. BingWendy and Henry BreckEliza Brown Mrs.W. L. Lyons BrownJ.E. and Z.B. Butler FoundationJean M. Cluett The David Family FoundationSharon and Christopher DavisJennifer and Rick DeGoliaCarolyn and Robert E. DenhamLewis Anthony Dexter FundJenny and Scott DietzenSarah and Ariel EmanuelEntertainment Industry

FoundationRobert S. Epstein and Amy RothThe Favrot FundDoris and Donald G. FisherRandi and Bob FisherTom Ford and Richard BuckleyGaia FundGlobal Environment Project

InstituteEugene M. GrantKathryn and John GreenbergBambi and Frank HatchJill Tate Higgins and

James P. HigginsDorothy S. Hines Cindy and Alan HornKarsten Family FoundationEdith and Hamilton KeanPamela N. and Charles E. KoobCatherine and Philip Korsant

Kyodai FoundationBurks and Tony LaphamJonathan Z. LarsenLarsen FundLyn and Norman LearNicole Lederer and Larry OrrDana and Larry LindenEdith McBeanJosephine A. MerckAlida R. MessingerThe Moore Charitable FoundationPeter MortonMr. and Mrs. Charles H. MottWendy and John NeuCarol R. NoyesGilman OrdwayCissy Patterson FoundationThe Louis and Harold Price

Foundation, Inc.Kate Ridgway and

Rick HolmstromWendy and Larry RockefellerClaudia and Thomas W. Roush

Gordon RussellThe San Diego Foundation

Orca FundFrederick A. O. Schwarz, Jr.Steve Silberstein and Anne LipowFrank P. Smeal Charitable TrustNancy Stephens and

Rick RosenthalFaye and Sandor StrausThe Summit Fund of WashingtonS. Donald Sussman John L.TishmanSheryl and Daniel TishmanTOSA FoundationUplands FoundationHenry van Ameringen FoundationEdna Wardlaw Charitable TrustWestWind FoundationWiancko Family Donor Advised

Fund of the CommunityFoundation of Jackson Hole

Anonymous (19)

nrdc

dono

rs

Patricia Sullivan, NRDC deputy director

The generosity of our donors and supporters enables us to strengthen our infrastructure: people,technology, and the myriad tools we use to advance NRDC’s mission.

Claxton Francis, NRDC director ofinformation systems

President’s Circleindividuals and donor-advisedfunds providing gifts between$10,000 and $24,999 in supportof nrdc’s programs:

Alexander Abraham*Joe Albright and Marcia KunstelKathryn Paddock-Adee and

Peter AdeeAvocet Charitable Lead UnitrustIrving AzoffBeech Street FoundationBeneficia FoundationBoris I. BittkerGigi and Dan BrewsterEdie Baskin Bronson and

Skip Bronson W. L. Lyons Brown FoundationMeg Caldwell and Bob WilliamsA.M. and J.B. CameronNaomi and Nehemiah Cohen

Foundation Saul Z. and Amy S. Cohen Family

FoundationBarbara B. and Bertram J. CohnBeatrice R. and Joseph A. Coleman

FoundationEdward T. Cone Foundation Jamie Lee Curtis and

Christopher GuestJean and Duncan DavidsonAnn and John DawsonPeter DuncanVirginia DwanThe Armand G. Erpf FundThe Faith Family TrustWalter and Josephine Ford FundFort Hill ConstructionBarbara L. Francis and

Robert C. MusserNina Freedman and

Michael RosenbaumBarrett and Peter FrelinghuysenCindy and Glenn FreyGil FriesenE. Marianne Gabel and

Donald Lateiner Lisa GanskyPeter R. Gimbel and

Elga Anderson-Gimbel Memorial Trust

Gigi and Brian GlazerVirginia Glidden Charitable TrustNancy and Ken GoldshollGood Samaritan Inc.Ruth C. GreenbergHeidi Greene and Michael KlugerJohn GriffinRuth and Ben HammettHawley Family FoundationJames P. Healy, Jr.

Don HenleySofie and James Newton HowardChris Stern HymanKristine Johnson and Tim DattelsPaul and Sonia JonesChristopher P. KanebJena and Michael King, Lauren

and Richie King, and Susan and John Sheinberg

David L. Klein, Jr. FoundationElizabeth and Ruben KraiemLagemann FoundationKaren and William LauderNoelle Leca and Michael

MoradzadehTony Lijphart and Carol HazenfieldJulia Louis-Dreyfus and Brad HallShelly and Tony MalkinKelly and Ron MeyerMilberg Weiss Bershad Hynes &

Lerach LLPGina B. and William J. Miller Anneke and Stephen C. NealPaul L. Newman–Newman’s OwnZoe and Al Nierenberg

Ocean Reef CommunityFoundation

Overhills FoundationThe Peixotto Trust Jeremy PitcairnNathaniel P. ReedSophie K. and Daniel L. Reiber

Charitable TrustMichele and Rob ReinerSteven and Barbara RockefellerJonathan F.P. RoseAmy and Michael Santullo Wendy and Eric SchmidtRaisa A. Scriabine and

Robert B.Wallace*The Shifting Foundation Coty SidnamThe Silverweed Foundation, Inc.Kristina L. Simmons and

Michael Sheridan Victoria and Ronald Simms

Family FoundationAmy Slater and Garrett GruenerJoan Irvine Smith Jill A. SofferMargaret R. Spanel

The Seth Sprague Foundation Lynn S. SternSting and Trudie StylerSun Hill FoundationTara Fund of the Tides Foundation,on

the recommendation of KathleenC.Barry and Robert Burnett

Charlotte L.Taylor James TaylorFrederick A.Terry, Jr.Heather Thomas and

Skip BrittenhamThe Tides FoundationGertrude and William C.Wardlaw

Fund, Inc.The Wasserman FoundationThe Wellspring FoundationElizabeth and Jim WiattPaul Junger WittSusan and Wayne WoodmanJane Woodward and Peninsula

Community FoundationBill and Ann Ziff

Anonymous (24)* Deceased

bene

fit Earth To L.A. Returns!

LO S A N G E L E S , M AY 1 0 , 2 0 0 2

An evening of music, message, and comedy

NRDC presented an exciting evening in Los Angeles featuring keynote speaker President William J. Clinton,master of ceremonies Tom Hanks, and speaker Robert F.Kennedy, Jr. Many talented writers and performers put

together a wonderful evening of music, message, and comedy. Chairs for the eventwere NRDC trustee Laurie David, Larry David, Sarah and Ariel Emanuel, Cindy andAlan Horn, NRDC senior attorney Robert F. Kennedy, Jr., Kelly and Ron Meyer,Peter Morton, NRDC trustee Robert Redford, and Michele and Rob Reiner.

photo: (left to right) Larry David, Martin Short, Jamie Lee Curtis, NRDC trustee Laurie David, Governor

Gray Davis, NRDC president John H. Adams, Tom Hanks, Rita Wilson, NRDC executive director Frances

Beinecke, and former U.S. president William J. Clinton.

inset: (left to right) Tom Hanks, Steve Martin, and Christopher Guest.

N R D C A N N U A L R E P O R T 2 0 0 2 � 19

Thanks to the continued

generosity of our members,

major donors, and foundation

supporters, NRDC received

more than $47 million in total

support for fiscal year 2002.

More than 500,000 members

and individual supporters

contributed $32.8 million,

representing 70 percent of the

total revenue and our largest

category of support. Founda-

tion and government grants

accounted for $11.2 million,

or 23 percent, of the total.

Fees, in-kind contributions, and

other revenue accounted for

7 percent of the total.The

bulk of these in-kind contribu-

tions, valued at more than

$2.6 million, consisted of pro

bono legal assistance services

on important environmental

and other legal matters.

NRDC’s membership, more

than 500,000 strong, remains a

generous source of financial

support and plays an important

role in keeping environmental

issues at the forefront of public

policy, providing standing

in court cases, and applying

increased citizen pressure in

both the private and public

sectors.

Increasingly our members

and other concerned citizens

are involved in Internet-

based environmental activism.

They are a powerful force in

NRDC’s campaigns to save

wild places, preserve threatened

species, and maintain the

country’s environmental laws.

The results have been impres-

sive: NRDC’s 450,000 online

activists have sent more than

2.5 million messages to govern-

ment leaders and corporate

decision-makers, creating a

formidable voice for the envi-

ronment.

By remembering NRDC

in their estate planning and

wills, our members also play

an important role in ensuring

that NRDC will be a vital

force for the environment in

the years ahead.This year

NRDC received more than

$2.9 million in bequests.

Bequests helped NRDC

meet operating needs, create

reserves for strategic initiatives,

and strengthen the endowment

fund.

NRDC spent $46.9 million

in ten program areas and for

supporting services. Of the

total expenses, 79 percent went

to environmental programs,

7 percent to the management

of operations, and 14 percent

to raising funds to support

ongoing operations.Approxi-

mately 38 percent of NRDC’s

operating expenditures paid the

salaries and benefits of our 240

staff members.

N R D C A N N U A L R E P O R T 2 0 0 2 � 35N R D C A N N U A L R E P O R T 2 0 0 2 � 34

F Y 2 0 0 2 TOTA L E X P E N S E S

$ 4 6 , 8 9 6 , 9 1 5

rotate, then 50% vertical squeeze

Fundraising8%

MemberDevelopment

6%

Management& General 7%

Environmental Programs 79%

Operating Non-Operating Year EndedJune 30, 2002

S U P P O RT

(contributions and revenue)

Membership and contributions $ 25,584,992 $ 7,203,244 $ 32,788,236

Foundation grants 687,750 9,882,676 10,570,426

Government grants – 630,910 630,910

Bequests – 2,936,286 2,936,286

In-kind contributions 417,739 2,240,971 2,658,710

Awarded attorneys’ fees 641,945 – 641,945

Investment income (34,711) (4,073,730) (4,108,441)

Other revenue 962,997 – 962,997

Net assets released from restrictions 18,181,289 (18,181,289) –

Total Support and Revenue 46,442,001 $639,068 47,081,069

E X P E N S E S

(legal, scientific, and legislative research,analysis, education, and advocacy)

Public education 5,523,753 51,891 5,575,644

Water 4,908,713 67,616 4,976,329

Air/energy 5,247,569 65,780 5,313,349

Global/nuclear 2,905,597 47,296 2,952,893

Cities 3,745,382 56,286 3,801,668

Climate 4,142,284 42,114 4,184,398

Member services 2,213,122 5,776 2,218,898

Health 1,727,231 35,602 1,762,833

Land 4,590,505 32,610 4,623,115

Legislative advocacy 1,570,472 132,171 1,702,643

Management and general 3,368,916 71,110 3,440,026

Fundraising 3,193,454 432,862 3,626,316

Member development 2,718,803 – 2,718,803

Total Expenses 45,855,801 1,041,114 46,896,915

Change in value ofsplit-interest agreements – (711,589) (711,589)

Change in Net Assets 586,200 (1,113,635) (527,435)

Net assets, beginning of year 70,751 71,895,609 71,966,360

Net assets, end of year $ 656,951 $ 70,781,974 $ 71,438,925The Wise Giving Alliance of the Better BusinessBureau, one of the oldest and most respected charitablewatchdog groups, reports that NRDC continues tomeet its highest standards for accountability and use of donor funds.

fina

ncia

lsta

tem

ent

fina

ncia

lre

port

rotate, then 50% vertical squeeze

Membership & Individual Contributions 70%

Foundations & Government Grants 23%

Fees, Contracts &Other Revenue 7%

F Y 2 0 0 2 TOTA L I N CO M E

$ 4 7 , 0 8 1 , 0 6 9

34,000

1982 1987 1992 1997 2002

55,000

165,000

350,000

500,000

Membership

For the year ending June 30, 2002

Copies of NRDC’s complete, audited financial statement are available upon request.

Using a dreamscape cover and

onsite photos, the annual’s theme

was the number of NRDC victories

they continued to win even

when up against an antagonistic

administration.

As the chart shows, membership,

and fund-raising in the NRDC

soared to an all-time high with the

election of the Bush administration

to office.

PORTFOLIO | MARY MCBRIDE | PUBLICATIONS

BUSINESS WEEK

Advertorials

S P E C I A L A D V E R T I S I N G S E C T I O N

Supply ChainTechnologiesW R I N G I N G M A X I M U M V A L U E F R O M

few years back, companies

using supply chain management

(SCM) technologies seemed to

be channeling Henny Youngman: “Take

my vendor—please!” Disappointment

with the benefits produced by SCM

solutions (especially those designed

for planning) had certain manufacturers

and retailers blaming software vendors

for everything from missed sales

targets to falling stock values.

But then a funny thing happened.

While the economy struggled, busi-

nesses disinclined to spend on technol-

ogy rethought their business processes,

cleaned up their data, and focused on

the mechanics of their supply chains.

With this internal housekeeping under-

way, SCM’s true value emerged: helping

companies execute by automating

routine ordering and inventory manage-

ment tasks, electronically sharing infor-

mation and collaborating with supply

chain partners, and optimizing efficien-

cies. “Having adapted to their supply

chain systems, endured lengthy imple-

mentation processes, and scaled back

their expectations, many executives

are now satisfied with the benefits

delivered by SCM,” says Larry Lapide,

vice president of research for AMR

Research, Inc.

The lessons learned by early adopters

are critical for businesses using or

considering buying SCM today. By under-

standing what went wrong with early

implementations, companies can not

only avoid common pitfalls but also maxi-

mize the present value of their supply

chain systems. It’s a punch line that brings

a smile to everyone’s face. »

a

before embarking on an

implementation of SAP

supply chain software.

“We were laser-focused

on reducing our finished

goods inventories,” says

Jim Hutchinson, senior vice

president and director of

supply chain integration.

“We saw the problems

companies have when they

start out with multiple,

conflicting objectives.”

R e th i n k i n gPr o c ess e sOrganizations must

re-evaluate—and often

change—

their business

processes

in light of

these objec-

tives. Brown-

Forman had inventory in

60 warehouses around the

world, yet the company’s

visibility into stock receipts

and withdrawals was

extremely limited. Extensive

corporate resources were

dedicated to developing

forecasts, yet they provided

almost no real value.

Brown-Forman revamped

its processes to close the

visibility gaps and improve

its forecasting. Now in its

second year of a three-year

plan, the company is com-

fortably hitting its inven-

tory reduction goals, and

the SCM technology is

meeting expectations.

Reviewing the effec-

tiveness of existing

processes—and modifying

them when necessary—is

critical to gaining real bene-

fits. “There’s no secret to

why supply chain inefficien-

cies exist,” agrees Pallab

Chatterjee, president of

solutions operations for i2

in Dallas. “Standard busi-

ness processes may not be

the most efficient. For sup-

ply chain improvement to

succeed, companies must

define their processes,

identify inefficiencies, and

set up the software to

enhance the processes.

If you merely automate

existing processes, you’ll

simply make the wrong

decisions faster.”

Cybex, a manufacturer

of fitness equipment, was

aware that major business

process changes would

need to take place when it

rolled out new SCM technol-

ogy from PeopleSoft

(Pleasanton, Calif.). “Our old

sales systems would accept

orders without complete

information,” says Brian

Lyman, manager of busi-

ness systems at the Med-

way, Mass. company. If, for

example, an order for weight

benches did not specify the

buyer’s desired color, Cybex

personnel had to chase

down that information. If the

paint was not in-house, the

company had to order it.

“This resulted in countless

headaches, insufficient inven-

tories that were not aligned to

actual demand, and—

most harmful of all—missed

delivery times,” he says.

By changing the

process to require complete

information, Cybex cut its

build-to-order lead times by

over 50%. Other process

changes, combined with the

efficiencies delivered by the

PeopleSoft applications,

helped boost on-time ship-

ments to 97%, increase the

order rate 15% with no addi-

tional staffing, and decrease

the bill of materials count

from 15,200 to 200.

The more experienced

a company is with its own

supply chain practices, the

better the results of an

SCM initiative typically are.

A recent survey of 75

supply chains conducted

by Waltham, Mass. man-

agement consultant PRTM

found that companies with

mature supply chain prac-

tices were 38% more prof-

itable than organizations

with less mature practices.

When an automated supply

chain planning system

was used in these compa-

nies, profitability increased

another 27%.


Supply Chain Technologies continued

Working with a ven-

dor on system

design during the

bidding process can

help everyone better

understand the

company’s needs

and create a more

relevant solution.

“

”

»


How did the disappoint-

ment in SCM begin? In the

mid-1990s, vendors began

promoting planning soft-

ware over traditional

execution applications.

Supply chain execution

(SCE) software helps com-

panies reduce costs and

improve processes in

focused disciplines such

as fulfillment, inventory

management, and logis-

tics. Supply chain planning

(SCP) solutions tend to

focus on the big picture,

such as preparing for the

next cycle’s demand—

and companies were told

to expect even bigger

benefits.

“Because these were

brand new applications,

there was an overestima-

tion of benefits and an

underestimation of the

time it would take to exe-

cute,” explains Lapide.

“The average deal size

was up to $2 million; busi-

nesses spent the money

up front and then had soft-

ware implemented over

time. It was the perfect

recipe for disappointment.”

Today, as companies

look for certain value,

the tables have turned.

SCE software makes up

63% of all SCM license rev-

enue. AMR Research

(Boston) projects that the

market for execution soft-

ware will grow 10% over the

next five years, with SCP

software growing only half

that much. “Companies are

no longer buying suites of

planning applications, but

rather single applications

to address specific supply

chain problems,” Lapide

writes in The Supply Chain

Management Applications

Report, 2002–2007.

Execution software

fills that role well. SCE

applications can be imple-

mented incrementally,

tackling such trouble spots

as inefficient order fulfill-

ment or bloated ware-

houses—processes that

tend to naturally slash

inventories, reduce supply

chain costs, and generate

predictable benefits.

Often, the sav-

ings generated from a

single SCE initiative

can partially or

completely fund

subsequent imple-

mentations. Perhaps

most important for

gun-shy buyers, exe-

cution projects tend to

create payback in

short timeframes—

nine months is not

unusual.

Mo r e Th a n Te c h n o l o g y

With this shift

toward execu-

tion tasks in

mind, how can

companies wring

the most value from their

SCM initiatives? To begin

with, executives must rec-

ognize that it’s a business

problem first and foremost.

“Technology alone is not a

panacea,” says Bob Ferrari,

director of product market-

ing for SAP (Walldorf, Ger-

many). “To get results, com-

panies need powerful

supply chain solutions com-

bined with good business

processes, clean data, solid

project management skills,

a phased-in implementation,

and a strategic long-term

direction. These are the pure

business skills that make

the difference between

success and failure.”

Moreover, organiza-

tions need firm buy-in

from executive manage-

ment down to the user com-

munities who will ultimately

use the SCM tools. “Supply

chain projects touch every-

thing in the enterprise,”

explains Bill Michael, vice

president of marketing for

Roadway Express, a sub-

sidiary of Roadway Corp.

in Akron, Ohio. “You need

to have senior management

pushing it, but you need

everyone to buy in.”

Companies then create

a strategy that identifies

objectives and sets expecta-

tions. Brown-Forman, a

manufacturer of wines and

spirits and consumer

durables, was careful to

establish its objectives

Supply Chain Technologies continued

Technology alone

is not a panacea—

pure business

skills make the

difference between

success and

failure.

“

”

»

PORTFOLIO | MARY MCBRIDE | IDENTIT Y

IDENTITY SYSTEM

Identity system for a home

furnishings and estate store.blithewold home495 lexington avenue mount kisco, ny 10549

tel: 914 666 7533 fax: 914 218 8434 [email protected]

blithewold home495 lexington avenue mount kisco, ny 10549

blithewold home

b l i t h e wold hom e @ a o l . c o m tel: 914 666 7533

International Arbitration Practice

Memorandum to Directors

and Trustees of Registered

Investment Companies

SIMPSON

THACHER

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AN

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DIS

CL

AIM

ER

S

Memorandum

to Directors




SIMPSON THACHER BARTLETT

The Annual Review, which used

distinctive illustrations by Craig

Frazier, was adapted throughout

the identity system, and eventually

through the website.

SIMPSON THACHER

Memorandum

to Directors



RE

GIS

TE

RE

D C

OM

PA

NIE

SP

AR

TIC

IPA

NT

SD

ISC

LA

IME

RS

5

JPMorgan Chase

Chase Bank and J.P. Morgan

Securities Inc. retained

Simpson Thacher to assist in

the financing of Collins &

Aikman’s bid to acquire the

Trim Division of Textron

Automotive Company. Collins

& Aikman, a leader in the

design, engineering and man-

ufacturing of automotive

interior components, is major-

ity-owned by Heartland

Industrial Partners, a private

equity firm. In connection

with the acquisition, JP

Morgan provided a bridge

financing commitment to

assist in Collins & Aikman’s

successful bid. To finance the

acquisition, we worked on the

refinancing of Collins &

Aikman’s existing credit facili-

ty with a new $575 million

senior credit facility, a $500

million offering of senior

notes and a $250 million

receivables securitization

program. The deal closed

in December 2001.

LehMan Brothers

We have actively assisted our

client, Lehman Brothers, in

the development of new and

imaginative types of equity-

linked securities. Lehman

Brothers is one of the leading

innovators in these kinds of

products, which include con-

vertible securities, exchange-

able securities, trust securities

and cash-settled instruments.

Lawyers in our capital mar-

kets group and in our tax

group work closely with

Lehman Brothers to solve the

complex legal issues present-

ed by these instruments. Last

year we worked with Lehman

Brothers on offerings of more

than $4.8 billion of these

securities.

KohLBerg Kravis

roBerts

The firm regularly represents

long-standing client Kohlberg

Kravis Roberts & Co. Among

other matters, we advised

KKR in 2001 in increasing its

investments in two of its port-

folio companies. In the first

transaction, KKR increased

its stake in PRIMEDIA Inc.,

a specialized media company,

by purchasing $250 million

in convertible preferred

stock and common stock to

par tially finance PRIMEDIA’s

acquisition of a competitor,

EMAP, a magazine publisher.

In the second transaction,

KKR invested an additional

$108 million in Alea Group,

a Bermuda-based reinsurance

company.

swiss re

Following the tragic

September 11 terror attack,

Swiss Reinsurance Company

(“Swiss Re”), the second larg-

est reinsurer in the world,

retained the firm to represent

its interests on all aspects of

the World Trade Center disas-

ter. On October 22, 2001, the

firm filed a complaint on

Swiss Re’s behalf in New York

federal court against the

World Trade Center’s lease-

holders and others seeking,

among other things, a decla-

ration that the September 11

attack constitutes one insur-

ance loss under the leasehold-

ers’ property insurance pro-

gram. Swiss Re underwrote a

22% share of the approxi-

mately $3.5 billion in property

damage insurance coverage

“per occurrence.” Because

$3.5 billion may be insuffi-

cient to both rebuild and

cover the debt on the lease-

hold, certain leaseholders con-

trolled by Larry Silverstein

have taken the position that

the September 11 attack con-

stitutes at least two separate

insurance losses to multiply

the insurance recovery. Billions

of dollars are at stake in this

lawsuit. The firm is also advis-

ing Swiss Re with regard to

its involvement in other

September 11 related matters,

including

aviation coverage, reinsur-

ance issues and business

interruption claims.

traveLers

The firm participated in repre-

senting Travelers Property

Casualty Corp. in its $3.8 bil-

lion initial public offering of

shares of Class A Common

Stock and its concurrent

$893 million public offering

of 4.5% Convertible Junior

Subordinated Notes due 2032,

in March 2002. Travelers’ IPO

was the largest ever for a U.S.

insurance company and the

fifth largest U.S. IPO in history.

Travelers is a leading property

and casualty insurance compa-

ny in the United States, with

over $12.2 billion in revenues

in 2001. Prior to the IPO,

Travelers was a wholly owned

subsidiary of Citigroup Inc.

Simpson Thacher & Bartlett Business Review


THE EXPLORERS CLUB – PUBLICATIONS

The Explorers

Club publishes a

quarterly newsletter/

log exclusive to all

of its members, and

a quarterly journal

available to the public.INSIDETHISISSUE:

page 13President’sMessage

page 20New Members

page 30Curator’sColumn

Page 2COMPASSPOINTS

Page 15INTO THE FIELD

Page 22BULLETINBOARD

Page 23FROMBASECAMP

The 2006 Explorers Club Docu-mentary Film Festival played tooverflow crowds as all three

sessions of the day-long event werecompletely sold out. The festival, whichwas held on January 21, 2006 at ECheadquarters in New York, was spon-sored by Land Rover.

Attendees were treated to a varietyof superb science documentaries fromaround the world. Subjects ranged froman Inuit boy learning to hunt with hisfather in the Arctic to a double legamputee attempting to climb a mountainin Tasmania to an exploration of themillions of amazing species that make

their home in the Amazon.Ghosts of the Abyss, the film by

James Cameron FN’03 about his jour-neys to the wreck of the Titanic, tookhome two prizes: Best in ScientificExploration and Best Film by a Memberof The Explorers Club. Rob PerkinsMN’78 received the award for Best inField Research for his touching film, TheCrocodile River, about his ten-weekexploration of the Limpopo River insouthern Africa with a Zimbabweanman who had never before left his smallnative village.

The morning, afternoon andevening sessions were respectively

WINTER 2006

Published Quarterly byThe Explorers Club

Sold Out Film Festival HonorsBest Documentaries

WINTER2006VOLUME 38NUMBER 1

LogThe Explorers

A Multidisciplinary SocietyDedicated to Scientific Exploration and Field Research

(l to r) Jonathan Conrad MED’87, filmmaker Sue Flood (Special Jury Prize for A Boy Among Polar Bears) andBrett Wilson (representing Land Rover).

26 27

In the Fieldapproved flag expeditions since last log

2

7

11

6

4

10

5

12

9

1

8

3

1 David Brinkman, MN’08 – Fort Conagree II Archaeological Expedition – Flag 147

2 Roman Zajder, MI’12 – M/S Pilsudski 2014 – Flag 160

3 Rosaly M.C. Lopes, Ph.D., FN’04 – Vanuatu Active Volcanoes – Flag 112

4 Mark O’Shea, FI’99 – Reptile and Amphibian Survey of Timor-Leste – Flag 97

5 Barry L. Clifford, MN’99 – Quest for Santa Maria – Flag 222

6 Marla D. Daily, FN’08 – Bahia de Loreto – Flag 118

7 Heather L. Knowles, MN’11 – Stellwagen Bank National Marine Sanctuary Shipwreck Expedition – Flag 151

8 Michael R. Lombardi, MN’07 – Stephen J. Barlow Bluewater Expedition – Flag 172

9 Daniel J. Lieb, FN’06 – The “Robert J. Walker” Mapping Expedition – Flag 132

10 Phillip L. Manning, FI’14 – Hell Creek Dinosaur Expedition

11 Robert Joseph Mark, MR’08 – World’s Largest Beaver Dam Expedition 2014 – Flag 114

12 Richard E. Lundgren, FI’12 – Mars the Magnificent 2014 – Flag 215

13 Lord Anders Stävhag, MI’13 – Along St. Olav’s Trail

14 Joyce M. Johnson, FN’03 – Super-Typhoon Yolanda - Eight Months Later – Flag 112

15 David D. Decker, TM’12 – Exploration and Characterization of the Penasco Springs, Zia Pueblo

16 Thomas E. Levy, Ph.D., FN’09; Laurie L. Marker, Ph.D., FI’06; David A. Dolan, FN’03 – The 2014 Waterberg Plateau Regional Wildlife & Cultural Heritage Expedition – Flag 117

17 Dr. Simon Q. Spooner, FI’14 – ADMAT’s Le Casimir Wreck Project 2014 – Flag 211

P O S T E D F L A G R E P O R TSAll Explorers Club Flag expedition reports become part of the century-old archive at Club headquarters. Our collection, the world’s most complete archive of exploration, is a resource used by both scholars and contemporary explorers for related fieldwork. Many recent flag reports are posted on the Club website:

www.explorers.org/index.php/expeditions/flag_expedi-tions/flag_reports.

Flag Reports Posted on the Website18 Ulrich Wolfgang Schum M.D.,

FI’86 – Flag 203 – Baikal Winter

Expedition – Traditional Shaman

Cults on Olchon Island

19 Simon V. Donato, Ph.D., FI’09

Flag 112 – 100 Miles of Wild:

North Dakota Badlands

Transect

20 Thomas N. Ambrose, MN’10

Flag 99 – Survey of Tropical

Landforms in Cuba, Epicenter of

Antillean Karst

13

14

15

16

17

20

1918

THE EXPLORERS LOGThe Explorers Club | World Center for Exploration Published Quarterly | Volume 46 Number 3

Summer 2014COMPASS POINTS

Dan Lieb FN’06 and Steve Nagiewicz FN’95 to map and record the wreck of the Robert J. Walker, lost in 1860 p. 13IN THE FIELD

Mystery of the “unnumberedFlag” last seen at the Titanic’s discovery p. 28FROM BASECAMP

Save the Date! Astronaut Central: Space Stories, October 25, 2014 p. 40


THE EXPLORERS CLUB – PUBLICATIONS

G a r r i o t t × G a r r i o t tJim Cl ash in Conversat ion w ith the Father-son astronaut te am , p. 12

oF B e a u t y a nd Bru ta l i t yendinG an anCient and de adly r ite , by John Rowe, p. 14

nor t h P o l e P rom i s eby S. Allen Counter, p. 24

a l i F e o F a d v e n t ur emartha talBot in Conversat ion w ith sCott wall aCe , p. 32

Boun t y B e n e at h t h e s e aPitCa irn ’s underwater world , by Enric Sala, p. 36

C a rCh a r h i nu s l onG im a nusan aPe x Predator imPer il ed , by John Holder, p. 48

Cover: the Kara oF dus villaGe in southwest ethioPia. PhotoGraPh By John rowe.

P r e s i d e n t ’ s l e t t e r , p. 2

e d i t o r ’ s n o t e , p. 4

e x P l o r at i o n n e w s , p. 8

e x t r e m e m e d i C i n e , p. 56

r e v i e w s , p. 58

w h at w e r e t h e y t h i n K i n G ? , p. 64

features

regulars

the explorers journalF a l l 2 013

life in balance

A pristine corAl reef thrives off Ducie Atoll in the pitcAirn Group. photoGrAph by enric sAlA.

pr e s iDen t

Alan H. Nichols, J.D., D.S.

honor A ry ch A ir M A n

Col. John H. Glenn Jr., uSMC (Ret.)

honor A ry pr e s iDen t

Don Walsh, Ph.D.

honor A ry D ir ec tors

Robert D. Ballard, Ph.D.Eugenie Clark, Ph.D.Sylvia A. Earle, Ph.D.James M. FowlerCol. John H. Glenn Jr., uSMC (Ret.)Gilbert M. Grosvenor Donald C. Johanson, Ph.D.Richard E. Leakey, D.Sc. Frederik D.A. Paulsen, Ph.D.Roland R. PutonJohan Reinhard, Ph.D.George B. Schaller, Ph.D.Kathryn D. Sullivan, Ph.D.Don Walsh, Ph.D.

b o A r D o f D i r ec t or s

cl A s s of 2 0 14

Capt. Norman L. BakerConstance DifedeScott W. HamiltonKenneth M. Kamler, M.D.Mabel L. Purkerson, M.D.

cl A s s of 2 0 15

Robert J. AtwaterBrian M. Boom, Ph.D.James M. Edwards, M.D.J. Mark Fowler, Jr.Brian P. Hanson

cl A s s of 2 0 16

James M. ClashJames P. Delgado, Ph.D. Leon “Lee” V. LanganCol. Donald T. MorleyAlan H. Nichols, J.D., D.S.

spec i A l one -y e A r D ir ec tors

Catherine Nixon CookeRichard Garriott de CayeuxKen HoweryTheodore P. Janulis

of f i ce r s

v p, ch A p t ers

Alexander Wallace

v p, f l AG & honors

Constance Difede

vp, lectures & proGrAMs

William J. Roseman

v p, MeMbersh ip

Robert J. Atwater

v p, oper At ions

Col. Donald T. Morley

vp, reseArch & eDucAtion

Julianne M. Chase, Ph.D.

t r e A sur er

Robert E. Maroney

secr e tA ry

Christine Dennison

oMbuDsM A n

Brian P. Hanson

pAt ron s & s p on s or s

l e A Der of e x pl or At ion

($500,000+)Mabel Dorn Reader*

benefAc tors of e x pl or At ion

($250,000+)Richard H. Olsen*Robert H. Rose*Michael W. Thoresen

pAt rons of e x pl or At ion

($100,000+)Daniel A. BennettDonald L. SegurMargaret Segur

corpor Ate pAtron of e xplor At ion

Rolex Watch u.S.A., Inc.

corporAte supporters of explorAtion

National Geographic SocietyWandrian Adventures, Ltd.

* Dece A seD

pr e s iDen t & publ i sher

Alan H. Nichols, J.D., D.S.

eD i tor - i n - ch i e f

Angela M.H. Schuster

A rt D ir ec tor

Jesse Alexander

cop y ch i e f

Valerie Saint-Rossy

con t r ibu t inG eD i tors

Jeff BlumenfeldJames M. ClashMoki KokorisMichael J. Manyak, M.D., FACSMilbry C. PolkKristin RomeyDavid RothenbergCarl G. SchusterNick Smith

publ i c At ions coMM i t t ee ch A ir

Leon “Lee” V. Langan

the explorers journal© (ISSN 0014-5025) is published quarterly for $29.95 by the explorers club, 46 East 70th Street, New York, NY 10021. Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send address changes to the explorers journal, 46 East 70th Street, New York, NY 10021.

sub scr ip t ions

Print edition: One year, $29.95; two years, $54.95; three years, $74.95; single numbers, $8.00; foreign orders, add $8.00 per year. Digital edition: One year, $19.95; single number, $5.95. Subscribe at: www.explorers.org. Members of the explorers club receive the explorers journal as a perquisite of membership.

subM is s ions

Manuscripts, books for review, and advertising inquiries should be sent to the Editor, the explorers journal , 46 East 70th Street, New York, NY 10021, telephone: 212-628-8383, fax: 212-288-4449, e-mail: [email protected]. All manuscripts are subject to review. the explorers journal is not responsible for unsolicited materials. The views and opinions expressed herein do not necessarily reflect those of the explorers club or the explorers journal .

the explorers club, the explorers journal , the explorers club travel program, world center for exploration, and The Explorers Club Flag and Seal are registered trademarks of the explorers club, inc., in the united States and else-where. All rights reserved. © The Explorers Club, 2013.

the explorers journalF a l l 2 013

the explorers club

the explorers journal

All paper used to manufacture this magazine comes from well-managed sources. The printing of this magazine uses vegetable-based inks.

affix FSC logo here.

6 THE EXPLORERS JOURNAL » FALL 2013

All paper used to manufacture this magazine comes from well-managed sources. The printing of this magazine uses vegetable-based inks.

HONORARY DIRECTORSRobert D. BallardPh.D.Eugenie ClarkPh.D.Sylvia A. EarlePh.D.James M. FowlerCol. John H. Glenn Jr. USMC (Ret.)

Gilbert M. Grosvenor Donald C. Johanson, Ph.D.

Richard E. Leakey, D.Sc.Frederik D.A. Paulsen, Ph.D.

Roland R. PutonJohan Reinhard, Ph.D.George B. Schaller, Ph.D.Kathryn D. Sullivan, Ph.D.Don Walsh, Ph.D.SPECIAL ONE-YEAR DIRECTORS

Catherine Nixon CookeRichard Garriott de CayeuxKen HoweryTheodore P. Janulis

BOARD OF DIRECTORSCLASS OF 2014

Capt. Norman L. BakerConstance DifedeScott W. HamiltonKenneth M. Kamler, M.D.Mabel L. Purkerson, M.D.CLASS OF 2015

Robert J. AtwaterBrian M. Boom, Ph.D.James M. Edwards, M.D.J. Mark Fowler, Jr.Brian P. HansonCLASS OF 2016

James M. ClashJames P. Delgado, Ph.D. Leon “Lee” V. LanganCol. Donald T. MorleyAlan H. Nichols, J.D., D.S.

OFFICERSVP, CHAPTERS

Alexander WallaceVP, FLAG & HONORS

Constance DifedeVP, LECTURES & PROGR AMS

William J. RosemanVP, MEMBERSHIP

Robert J. AtwaterVP, OPER ATIONS

Col. Donald T. MorleyVP, RESEARCH & EDUCATION

Julianne M. Chase, Ph.D.TREASURER

Robert E. Maroney

secretAry Christine Dennison

oMbuDsMAnBrian P. Hanson

PATRONS & SPONSORSLEADER OF EXPLOR ATION

($500,000+)Mabel Dorn Reader* BENEFACTOR OF EXPLOR ATION

($250,000–$499,000)Richard H. Olsen*Robert H. Rose*Michael W. ThoresenPATRONS OF EXPLOR ATION

($100,000+)Daniel A. BennettDonald L. SegurMargaret SegurCORPOR ATE PATRON OF EXPLOR ATION

Rolex Watch U.S.A., Inc.CORPOR ATE SUPPORTER OF EXPLOR ATION

National Geographic Society

Wandrian Adventures, Ltd.

*DECEASED

PRESIDENT & PUBLISHER

Alan H. Nichols, J.D., D.S.EDITOR-IN-CHIEF

Angela M.H. SchusterART DIRECTOR

Lorem IpsumCOPY CHIEF

Valerie Saint-RossyCONTRIBUTING EDITORS

Jeff BlumenfeldJames M. ClashMoki KokorisMichael J. Manyak, M.D., FACS

Milbry C. PolkKristin RomeyDavid RothenbergCarl G. SchusterNick SmithPUBLICATIONS COMMITTEE CHAIR

Leon “Lee” V. Langan

The Explorers Journal © (ISSN 0014-5025) is pub-lished quarterly for $29.95 by The Explorers Club, 46 East 70th Street, New York, NY 10021. Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send address changes to The Explorers Journal, 46 East 70th Street, New York, NY 10021.

SUBSCRIPTIONS

Print edition: One year, $29.95; two years, $54.95; three years, $74.95; single numbers, $8.00; foreign orders, add $8.00 per year.

Digital edition: One year, $19.95; single number, $5.95. Subscribe at: www.explorers.org. Members of The Explorers Club receive The Explorers Journal as a perquisite of membership.

SUBMISSIONS

Manuscripts, books for review, and advertising inquiries should be sent to the Editor, The Explor-ers Journal, 46 East 70th Street, New York, NY 10021, telephone: 212-628-8383, fax: 212-288-4449, e-mail: editor@ explorers.org. All manuscripts are subject to review. The Explorers

Journal is not responsible for unsolicited materials. The views and opinions expressed herein do not necessarily reflect those of The Explorers Club or The Explorers Journal.

The Explorers Club, The Explorers Journal, The Explorers Club Travel-ers, World Center for Exploration, and The Explorers Club Flag and Seal are registered trademarks of The Explorers Club, Inc., in the united States and else-where. All rights reserved. © The Explorers Club, 2013.

THE EXPLORERS JOURNAL

THE EXPLORERS CLUBpresident Alan H. Nichols, J.D., D.S.honorary chairman Col. John H. Glenn Jr., USMC (Ret.)

honorary president Don Walsh, Ph.D.

Volume 91, No 3Fall 2103

www.explorers.org


THE EXPLORERS JOURNAL » FALL 2013

SPECIAL FEATURES

Vol. 91 No. 3 | Fall 2013 www.explorers.org

12 �Garriott�×�Garriott Jim Clash in conversation with the Father-Son Astronaut Team

14 Of�Beauty�and�Brutality Ending the Ancient and Deadly Rite of Mingi – Child Sacrifice by John Rowe

24 �North�Pole�Promise Looking for Matthew Henson’s Inuit Descendants by S. Allen Counter

32 A�Life�of�Adventure Martha Talbot, 2013 Lowell Thomas Medalist, in conversation with Scott Wallace

36 Bounty�Beneath�the�Sea Pitcairn’s Underwater World by Enric Sala

48 Carcharhinus�Longimanus��An�Apex�Predator�Imperiled The “Most Dangerous of All Sharks” Going Extinct? by John Holder

2 President’s Letter

4 Editor’s Note

8 Exploration News

56 Extreme Medicine

56 Field Data

58 Book Reviews, edited by Milbry Polk

60 Into the Field

64 What Were They Thinking? by Jim Clash

COVER: A pristine coral reef thrives off Ducie Atoll in the Pitcairn Group. Photograph by Enric Sala

REGULAR FEATURES

Life in Balance


16 THE EXPLORERS JOURNAL » FALL 2013

On May 6, 1954, Oxford University medical student Roger Bannister ran a mile in 3 min-utes, 59.4 seconds. Today, sub 4-minute miles are routine, but until Sir Roger did it, the feat was considered beyond the realm of human possibility. We caught up with the track leg-end, 84, at his home in Oxford, England.

Your only Olympic appearance was in 1952I came in fourth in the 1,500 meters. Had I gotten a gold medal, I probably would have retired and never pursued the 4-minute mile.

What was it about 4 minutes?The world record was 4 minutes, 1.4 seconds., which stuck for 9 years. It didn’t seem logical to me, a physiologist/doctor, that if you could run a mile in 4 minutes and a bit, you couldn’t break 4 minutes. It had become a psychological as well as physical barrier.

Take us back to race day.It was raining with high winds, which adds about 4 seconds. You’re impelled to do the things you can. We were running on tracks made of disused ash from power stations. Your spikes would accumulate bits of grit and, by the end of a race, were heavier than at the start. I sharpened my spikes and put graphite on them. Why run with a heavier shoe?

Your thoughts at the finish line?I felt like an exploded flash bulb without the will to live or die. People crowded into

the center of the track, and I couldn’t wind down. I did a momentary blackout. When I came around, the announcer said, “The results of event No. 6 in the match between Oxford University and the Amateur Athletic Association: first, R.G. Bannister in a time which, subject to ratification, is a track record, English record, British native record, all-comers record, European record, world record. And the time is 3 minutes…”

What’s today’s 4-minute-mile equivalent?A 2-hour marathon. They’re under 2 hours, 4 minutes now. Whether people will look at that in the same light, I don’t know. It’s part of man’s search for a niche that will, for a while, ensure him a certain degree of fame.

Jim Clash, FR’99, is the author of Forbes To The Limits (Wiley, 2003). He has written numerous articles for the Journal, as well as serving on the EC Board of Directors.

WHAT WERE THEY THINKING

GREAT MOMENTS IN EXPLORATION AS TOLD TO JIM CLASH

Four MinutesROGER BANNISTER

Roger Bannister breaks the 4-minute mile on May 6, 1954.on MAy 6, 1954, oxforD university MeDicAl stuDent

roGer bAnnister rAn A Mile in 3 Minutes, 59.4 seconDs.

toDAy, sub 4-Minute Miles Are routine, but until sir

roGer DiD it, the feAt wAs consiDereD beyonD the

reAlM of huMAn possibility. we cAuGht up with the

trAck leGenD, 84, At his hoMe in oxforD, enGlAnD.

jc: Your only Olympic appearance was in 1952.rb: I came in fourth in the 1,500 meters. Had I gotten a gold medal, I probably would have retired and never pursued the 4-minute mile.

jc: What was it about 4 minutes?rb: The world record was 4 minutes, 1.4 sec-onds., which stuck for 9 years. It didn’t seem logical to me, a physiologist/doctor, that if you could run a mile in 4 minutes and a bit, you couldn’t break 4 minutes. It had become a psychological as well as physical barrier.

jc: Take us back to race day.rb: It was raining with high winds, which adds about 4 seconds. You’re impelled to do the things you can. We were running on tracks made of disused ash from power stations. Your spikes would accumulate bits of grit and, by the end of a race, were heavier than at the

start. I sharpened my spikes and put graphite on them. Why run with a heavier shoe?

jc: Your thoughts at the finish line? rb: I felt like an exploded flash bulb without the will to live or die. People crowded into the center of the track, and I couldn’t wind down. I did a momentary blackout. When I came around, the announcer said, “The results of event No. 6 in the match between Oxford university and the Amateur Athletic Association: first, R.G. Bannister in a time which, subject to ratification, is a track re-cord, English record, British native record, all-comers record, European record, world record. And the time is 3 minutes…” jc: What’s today’s 4-minute-mile equivalent? rb: A 2-hour marathon. They’re under 2 hours, 4 minutes now. Whether people will look at that in the same light, I don’t know. It’s part of man’s search for a niche that will, for a while, ensure him a certain degree of fame.

More on roger bannister can be found in Jim clash’s ebook, the right stuff: interviews with icons of the 1960s (AskMen, 2012).

w h a t w e r e t h e y t h i n k i n g ?great moments in exploration as told to Jim Clash

four minutesRoger Bannister

roGer bAnnister breAks the 4-Minute Mile on MAy 6, 1954.

64

mary mcbride - portfolio

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